A two-time best and fairest winner, the 32-year-old is coming off a flag and All-Australian selection in 2022.
Blicavs, a former runner and category B rookie, has played 234 games since his 2013 debut and has been used in the ruck, through the midfield, and as a key defender.
He has had a strong start to this season and spent more time in the ruck with Rhys Stanley (fractured eye socket) sidelined.
"Mark continues to be a really important player for us," Cats list boss Andrew Mackie said in a statement.
"He has shown a high level of consistency over his career and has worked extremely hard to become the player he is, and his high training standards see him continue to improve each season.
"While Mark plays a critical on-field role, he is also a leader off it. He is a popular member of the team and has great relationships across the playing squad."
Speedy young midfielder Mitch Knevitt has also signed for another two years.
The Geelong local was pick No.25 in the 2021 AFL draft and played two games last season and has added another two, including one as a substitute, this year.
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