Weaver said:14.2
The minimum number of Players on the Club’s Primary List and Veterans List combined shall be 38, save for 2004, where the minimum shall be 37.
That is pretty clear. Richmond have 37 and could therefore pass on a pick if they want to and with cash tight it wouldn't be a suprise.
Except for the fact that next year is 2005 and the minimum list required is 38. The season just gone was 2004. Richmond have to have a pick.