Franklin, who won the medal in 2008, was considered by 10 out of 17 captains as most likely to repeat that feat this season and the Western Bulldogs' Barry Hall was second with three votes.
Riewoldt was tipped to go back to back in the Coleman by just two captains.
The AFL polled the captains for their views on a range of topics on Thursday ahead of the League's official launch of the 2011 Toyota AFL Premiership season.
Every captain endorsed last year's premiers Collingwood as a certain finalist this year and the Magpies also dominated the vote for the team most likely to reach the Grand Final, with 14 captains believing that would be the case.
Last year's other Grand Finalist St Kilda was out of favour with the skippers, while Hawthorn (two votes) and the Western Bulldogs (one) the only other teams considered likely to reach the decider.
A total of 10 players were put forward as potential winners of the Brownlow Medal with Hawthorn's Luke Hodge, Collingwood's Dane Swan and Geelong's Joel Selwood each polling three votes.
Last year's winner Chris Judd was voted by just one captain as a chance to win his third league best and fairest.
The overwhelming view was that the Ron Evans medal for the NAB AFL Rising Star would head to Queensland at the season's end with top draftee and Gold Coast midfielder David Swallow picking up 13 votes.
For the first time, the captains were asked to consider the recipient of the goal and mark-of-the year awards, with Melbourne's Liam Jurrah the favourite to repeat his high-leaping 2010 feats and claim the prize for the second consecutive season.
Jurrah was also tipped to claim the accolade for goal of the year, narrowly edging out West Coast's Mark LeCras, Port Adelaide's Daniel Motlop and Hawthorn's Cyril Rioli.
The full results of the survey are listed below:
Which seven other clubs do you think can make this year's top eight?
Collingwood (16), St Kilda (15), Western Bulldogs (15), Geelong Cats (15), Hawthorn (14), Sydney Swans (10), Adelaide Crows (nine), Fremantle (nine), Carlton (nine), Essendon (five), West Coast (one), North Melbourne (one), Brisbane Lions (nil), Gold Coast Suns (nil), Port Adelaide (nil), Richmond (nil), Melbourne (nil).
Which other club is most likely to reach the Grand Final?
Collingwood (14), Hawthorn (two), Western Bulldogs (one).
Who do you think will win the 2011 Brownlow Medal?
Luke Hodge, Hawthorn (three), Joel Selwood, Geelong Cats (three), Dane Swan, Collingwood (three), Scott Pendlebury, Collingwood (two), Matthew Boyd, Western Bulldogs (one), Adam Goodes, Sydney Swans (one), Chris Judd, Carlton (one), Marc Murphy, Carlton (one), Jack Riewoldt, Richmond (one), Aaron Sandilands, Fremantle (one).
Who do you think will win the 2011 NAB AFL Rising Star?
David Swallow, Gold Coast Suns (13), Shaun Atley, North Melbourne (one), Harley Bennell, Gold Coast Suns (one), Reece Conca, Richmond (one), Dyson Heppell, Essendon (one).
Who do you think will take Mark of the Year?
Liam Jurrah, Melbourne (six), Jack Riewoldt, Richmond (three), Paddy Ryder, Essendon (two), Luke McPharlin, Fremantle (one), Nick Maxwell, Collingwood (one), Nic Naitanui, West Coast (one), Nick Riewoldt, St Kilda (one), Aaron Sandilands, Fremantle (one), Zephaniah Skinner, Western Bulldogs (one).
Who do you think will kick Goal of the Year?
Liam Jurrah, Melbourne (three), Mark LeCras, West Coast (two), Daniel Motlop, Port Adelaide (two), Cyril Rioli, Hawthorn (two), Hayden Ballantyne, Fremantle (one), Eddie Betts, Carlton (one), Alan Didak, Collingwood (one), Jeff Garlett, Carlton (one), Lewis Jetta, Sydney Swans (one), Steve Johnson, Geelong Cats (one), Stephen Milne, St Kilda (one), Daniel Wells, North Melbourne (one).
Lance Franklin is a $412,800 forward in the Toyota AFL Dream Team competition.
