Schulz was linked to a move Fremantle, but said he was delighted to re-commit to Port.
“I love playing with this group and I’m rapt to continue on at Port Adelaide,” Schulz told the club’s website.
“The boys have been fantastic in the way they’ve stuck together to make the club better over the past few years.
“I’m looking forward to working hard in the pre-season to prepare for a much better 2016.
“I know we’ve still got plenty of improving to do and I want to be part of that.”