Rance contemplated walking away from football in 2015 to focus on his religion, but decided to recommit for four years.
“I am someone who will always give their best to what they commit to, and I’m proud of the time, energy and dedication that I’ve put towards my football career,” Rance said in a club statement on Thursday morning.
“Right now, I feel I have served my purpose in terms of my on-field performance and cultural impact, and I’m so grateful to the football club for their support and care in allowing me to do that in my own unique way.
“Now I feel is the right time for me to put the same time and energy into other areas of my life that need it, and to prioritise the more important things to me, such as my spiritual growth, my family and friends.”
Rance finished in the top two of Richmond’s best-and-fairest on three occasions, including a win in 2015.