Riccardi and Flynn have re-signed with the Western Sydney expansion club for two years each, while Lloyd, Brown, and Shaw have all had their rookie contracts extended for a further year.
Riccardi, 21, has managed 14 games over the course of the past two seasons (nine in 2021) since arriving at the Giants in 2019 from VFL club, Werribee.
After biding his time for six long years, Flynn, 24, made his debut in the orange and grey in Round 1 against St Kilda.
Lloyd will remain on the rookie list in 2022, despite kicking 58 goals in 67 games for GWS.
Meanwhile, Brown (two goals on debut vs. Geelong last season) and Shaw (Category B rookie) are still raw and developing prospects.
Giants GM of Football Jason McCartney was pleased to be able to secure the signatures of the five players.
"It's exciting to be able to confirm the re-signing of Matt, Jake, Daniel, Callum, and Will," McCartney said.
"We're pleased to extend Matt and Jake for a further two years. They've both played key roles in our side at different times and we're looking forward to them cementing their positions as they develop over the coming seasons.
"Daniel continues to be a model of consistency in our forward line while Callum has come on in leaps and bounds every year he's been with us and impressed in his AFL debut this season. Will is a great young local kid and is learning his craft up forward.
"It's exciting to see what they can all add to our group for 2022 and beyond."