Nicholson, 31, joined the Gulls from Forest Green in the summer of 2007, when they were still a non-league side.
He has since been part of a side that has established itself in the Football League and is now intent on promotion to npower League One.
"We've almost evolved completely from when I started of here and we were in the Conference," he told Press Association Sport.
"The first year I was here I was pretty much the smallest in the team. We used to get the ball forward to Tim Sills and he'd do the rest.
"We were a decent team but we did not have much in the way of footballers. Now every player in the squad is completely capable on the ball and everyone is confident to take the ball forward. We are very much a different team to what we were."