The 31-year-old has been captain at Punt Road since 2012, leading the Tigers to three premierships.
The longest-serving Tigers captain in the club's history, Cotchin will remove the proverbial armband following a decorated stint as Richmond's fierce leader.
Speaking on the decision, Cotchin stated his gratitude to be able to lead the Tigers and noted how exciting the near future is for the club.
“It has been an incredible privilege to captain this Club but it feels the right time to step down from that role," Cotchin said.
"The Club has built a really strong leadership culture over the past five years and we have some excellent leaders at Richmond that will flourish in the captaincy role.
"It’s an awesome opportunity to continue our philosophy of pushing leadership deep through the organisation, and for me to continue to play a role both on-field and off-field."
Cotchin has played 268 games in the yellow and black since making his debut in the 2008 season.
Tigers coach Damien Hardwick commended the veteran midfielder for his service.
“Trent will remain an incredibly important leader for this team in 2022, regardless of his title," Hardwick said.
“He prides himself on the development of our emerging leaders and he will undoubtedly remain committed to that and moving us back up the ladder next season.”