Hawthorn has sent Hodge and pick 44 to the Lions, with Brisbane sending picks 43 and 75 back the other way.
Hodge announced his retirement in July, before playing his last match against the Western Bulldogs in Round 23, after 305 games for the Hawks.
The 33-year-old is a four-time premiership player and is also just the third player in history to have won two Norm Smith Medals.
Hodge was named in the All-Australian side in 2005, 2008 and 2010, and also captained the Hawks to three flags between 2011-2016, before handing over the reigns to Jarryd Roughead at the end of last season.
He has averaged 22.5 disposals per game, 4.9 marks, 3.2 clearances, 3.5 inside 50s and 3.5 tackles.
Geelong’s Darcy Lang has also secured his move, joining the Blues. Geelong has traded Lang and its 2018 fourth round pick to Carlton, while the Blues have sent pick 58 and its 2018 fourth round pick to Geelong.