Fisher, 69, has been the team's coach since 1999 and has compiled a 314-176 record. The Aztecs have played in the NCAA Tournament seven times during his tenure, including each of the past five seasons.
Goodman added that Fisher will still evaluate his coaching future after each season and could retire before the contract expires.
San Antonio Spurs forward Kawhi Leonard, the 2014 NBA Finals MVP, played for Fisher for two seasons at San Diego State.
Prior to joining San Diego State, Fisher spent nine seasons as Michigan's head coach from 1988 through 1997. The Wolverines were NCAA Champions in his first season and reached the title game two more times during his tenure with the "Fab Five" featuring Chris Webber, Jalen Rose and Juwan Howard. He went 185-81 at Michigan before the records were adjusted following a booster scandal.
San Diego State finished 31-5 last season and reached the Sweet 16 before losing to Arizona.
The No. 16 Aztecs are 2-0 and host CSU Bakersfield on Thursday.
- Paul Palladino