One day after emerging key defender Sam Rowe committed to a new two-year deal, Menzel has reportedly signed until the end of the 2016 season.
The 19-year-old is a crucial part of the Blues' future plans after announcing himself in 2014, kicking 22 goals in 16 games, including the match-winner against West Coast in round six.
He received a NAB AFL Rising Star nomination in round 16 after taking a career-high eight marks and kicking two goals.
"It’s been so pleasing to see his improvement on a week-to-week basis; the more games he plays, the wiser he gets about his footy," coach Mick Malthouse said at the time.
In a week that saw former skipper Chris Judd commit to playing on in 2015, veteran forward Waite officially put contract talks on hold.
"He is in a unique position with free agency so he will assess all his options once the season has finished," his manager Alex McDonald told the Herald Sun.
Waite's decision comes after a superb run of form that has revived his prospects.
Since returning to the team in round 18 he has kicked a total of 12 goals – including a bag of five at the weekend – and taken 27 marks.
Fellow key forward Levi Casboult remains out of contract at the end of the season, along with Jeff Garlett, Mitch Robinson and Brock McLean.
The Blues are anticipating a financial loss of close to $500,000 this year, with the club attributing the result to poor on-field performances and the fixture.
''We don't yet know our exact result, but we are anticipating it will be around $500,000," president Mark LoGiudice told The Age.
The Blues face an equalisation payment of $290,000 in 2015, which LoGuidice said was "just a cost of doing business".
