In three-plus years, Altman has guided the Ducks to an impressive 77-37 record. In 2012-13, Oregon won the Pac-12 Tournament and advanced to the NCAA Tournament's Sweet 16.
"Our entire staff is excited to continue building the Oregon Basketball program," Altman said. "The University of Oregon has a tremendous athletic department and we value the opportunity to contribute to the tradition of excellence."
Altman guided the Ducks to 73 victories during his first three seasons as head coach. That is the second-most wins in a three year span in school history, trailing only Basketball Hall of Famer Howard Hobson, whose Tall Firs won 74 times between the 1936-37 and 1938-39 seasons.
In addition to the 2013 NCAA Sweet 16, Altman led Oregon the quarterfinals of the 2012 National Invitation Tournament and won the 2011 College Basketball Invitational in his first year in Eugene.
Altman's initial seven-year contract, signed in 2011, ran through the 2016-17 season. The main terms of that contract remain in place in the new extension.