Altman has seen an increase in success in each of his four year, and the 2013-14 season seems to have the same trajectory, with the Ducks undefeated and ranked 14th nationally.
"The long-term looks pretty good. We've got some good players in the program and hopefully we'll just continue to develop," Altman said.
"I'm excited. I appreciate the university, particularly Rob, having the confidence in our staff to try build something here. It does take a little time to get established, but I think our staff has done a good job of that."
The contract agreement does not change the main terms of his contract, which was previously set to end following the 2016-17 season.
"I'm getting old, 55, I'm not sure how many years I have left. I want to make them good years. This is a great place," Altman said.
"He's been saying that he wants to stay here for a while, so, it sounds like it," said senior guard Johnathan Loyd, Altman's lone four-year player under Altman.
Altman said his team is a little dinged up, with a few guys missing practice this week or held from participating at full-speed. He did say, however, that every eligible player should be good for this weekend's three-game in three day tournament.
"I think they'll all play. We'll just have to see if full-speed or not," he said.
Regardless of the team's healthy, the short turnaround will certainly test the Ducks depth. "Coach has been stressing that everybody has to be ready to go from 1-to-15. It'll definitely test our depth," Loyd said.
Oregon played its first two games of the season with just eight scholarship players, prior to the return of guards A.J. Lapray and Jalil Abdul-Bassit from injury. In those instances, walk-ons Brian Crow and Theo Friedman were forced into action, as they might be again this weekend.
Oregon hosts the Global Sports Hardwood Challenge starting Friday, and will play Pacific, North Dakota and Cal Poly as a part of it.
Four Misses = 400 Shots
The Ducks leader in shot attempts got more up in practice than he might normally take. Leading scorer Joseph Young missed four consecutive free throws in Sundays' win over Utah Valley, and promptly received a phone call from his father Michael.
"Pops did call me. He was harping on me for the four missed free throws, it's 100 each missed free throw. So I shot 400, I had to make 400," he said.
Young said he missed between 11 and 12 shots on his way to 400, and made the following proclamation.
"I won't miss any more this year, that's a promise," he said.
When pressed as to whether he was guaranteeing it, he reiterated his point.
"That's a guarantee."