If I correctly understand what the smell is like, then the remedy may be quite simple. If the material genuinely is wool then there is a risk of shrinkage, but from what you also say, I suspect they may be synthetic. However, either way, to get rid of the smell you should try washing them, on their own, at at least 50 degrees, higher is better, using any washing detergent. Ideally, you should steep them at this temperature for more than just a very few minutes so, if your machine allows you to, do this or else stop the cycle and return to the beginning of the heated part to lengthen the time at 50 degrees. The point is that certain bacteria/fungus have colonised the fabric and they are largely immune to low temperature washing but they succumb somewhere at or above 50 degrees if maintained for a while.
You can test whether you have wool or synthetic material. If you have areas where there are knotted fibres gathering ("balled up") then gently pull or cut/shave a few lumps off until you have a small tufts of these. Put them in a teaspoon and hold over a lit candle - if they melt into a blob then they are synthetic. Genuine wool, when heated close to burning, will smell like burning hair, if you are familiar with that.