The 32-year-old, who was captain of the club from 2013-21, played 19 games this season, averaging 22.7 disposals, five clearances, and three tackles per game.
Making his debut in 2008, Cotchin has gone on to play 287 games in yellow and black, immortalising himself as a legend of the club after captaining the club to three premierships in 2017, 2019 and 2020.
Speaking to Richmond media, Cotchin said he was excited to continue his journey at the club.
“I am really excited to be given this opportunity to continue to work with our younger Tigers across another pre-season and to hopefully play a bit of footy (with them) in the seniors next year,” Cotchin said.
“As you get closer to the end of your career, you don’t know when it is going to come but I feel as though I contributed from a football point of view relatively well for the majority of the season.”
The three-time club best and fairest currently sits seventh on the list of all-time games played at Richmond, but conceded that he had pondered retirement throughout the season.
“The plan probably was not initially to go again, but I think that changed for a number of reasons; one being my body and, also, that you are a long time retired. I had that nagging away in the back of my head,” Cotchin said.
“Something that really came to fruition this year as well was the joy it brought my kids. Having that additional purpose of not just trying my best for me and for our team, but also playing and really enjoying the journey of AFL footy and the Richmond Tigers (with them).”