The 28-year-old took his career tally to 194 games by playing 23 matches this season and he will move past Paul Bowman into second position for the most appearances by a Cowboy if he plays 10 matches in 2012.
A two-time Player of the Year winner with the Cowboys, Payne said staying with North Queensland was always his number one option and both he, and the club, have not ruled out continuing his NRL career past next season.
“I’m really glad that we’ve come to an agreement,” Payne said.
“I’m not getting any younger and signing for one year sits quite comfortably with me.
“The club has indicated that if I’m playing well there’s always an option for another year.
“The one-year deal keeps you on your toes.
“I’m just going to rip in next year and see what happens when the time comes.”