Alex Rance agreed to a settlement in which he was paid one-sixth of his estimated $800,000 annual salary, giving up a total close to $1.4 million in Richmond's salary cap over this year and 2021.

The settlement - in which Rance was paid only for two months, or one-sixth of his 2020 deal - means that the superstar defender would have to re-negotiate a fresh new deal with the Tigers if he decided to return to play.

The terms of the settlement are a consolation for Richmond should Rance stick with this retirement, since it opens up substantial room in their tight salary cap, allows them to modify contracts to important players, assisting in retaining them and emerging players.

Richmond's Alex Rance. Credit:Eddie Jim

While Richmond would still prefer to see Rance change his mind and and resume playing for the club, the Tigers are less optimistic about this happening than they were a month ago, albeit the door remains ajar.