The 25-year-old played in Richmond's three premierships as a small forward but has been one of the AFL's most improved players after going to half-back.
Hardwick believes Rioli should be in serious contention for a debut All-Australian spot after his outstanding 2022 season.
After 135 games for Richmond, Rioli will be staying at Punt Rd until at least the end of the 2027 season.
"The great thing is to see him evolve as a player, we saw him come in early and be a part of those three flags up forward," Hardwick said on Thursday.
"But then we see him change position and grab it with both hands and a possibility of an All-Australian halfback this year, which is a real feather in his cap."
Richmond are trying to balance remaining in contention for more premierships and regenerating through youth.
Premiership heroes Shane Edwards, Kane Lambert and Josh Caddy have already retired this year, following on from the departures of defenders David Astbury and Bachar Houli at the end of 2021.
Former captain Trent Cotchin and veteran forward Jack Riewoldt remain without contracts for next season but are pushing to play on.
"We had a laugh the other day with Jack that we're signing up everyone else bar him but that's happens when you're 33, going on 34.
"Him and Trent have just been terrific this year, the roles they've played and the execution they've played and the leadership they've given us.
"They're holding up their part and we'll make those decisions at the back end of the year."
Richmond will look to continue their impressive run into finals when they face embattled Essendon at the MCG on Saturday in their final regular season match.
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