Bauer has received a fresh two-year deal, while Dow has signed for the 2024 season; representing what will be his fifth Punt Road campaign.
Bauer's contract will see the goalkicker tied to the Tigers until the end of the 2025 season, with the 21-year-old now set to add to his four games of AFL experience.
The burgeoning Tiger would make his debut in Round 17 of this season, with his maiden appearance short-lived due to a hamstring injury in the first quarter in the win over Sydney.
He would make his return in Round 21 and would play in three of Richmond's final four matches of the home and away season to average 4.5 disposals and one goal per outing.
Bauer made the move to Richmond from South Australia midway through last year through the 2022 Mid-Season Draft and has played 22 games in the yellow and black at VFL level, including two performances this year where he booted a match-winning shot after the siren.
“Jacob came on this year as a reliable key position player at VFL level, honing his craft at both ends of the ground before ultimately earning his place as a forward,” Richmond talent manager Blair Hartley said following Bauer's re-signing.
“It was pleasing to see Jacob get a taste of AFL football, and that, along with this thoroughly deserved two-year extension, should give him great motivation to continue to work hard next season.
“We are pleased with Jacob's development and look forward to seeing what he can achieve with further opportunities.”
Richmond football boss Blair Hartley praised Dow for his emergence late in the Tigers' fledgling 2023 season.
"It was pleasing to see Thomson play some really strong football when given an opportunity late in the year, which is a reward for the hard work he has put in over the past four years," Hartley said on Friday.
"Thomson has a skill set that can add something to our midfield mix, and through this extension, we look forward to seeing him continue to grow next season.
"We are delighted to be keeping Thomson at Richmond."
Dow has managed 17 Richmond games since being drafted to Punt Road in 2019.