Bennett is 106-60 (.639) in five seasons at Virginia, leading the Cavaliers to a 30-7 record last season. They lost in the Sweet 16 to Michigan State.
"We are pleased with Coach Bennett's commitment to the University of Virginia," the school's athletic director, Craig Littlepage, said in a statement. "Tony believes in the goals of the athletics department and the mission of the University. The vision he had for our program when he accepted the head coaching position is developing according to his plan. It will be exciting to watch the development of our players and the program in the coming years."
Bennett, who turned 45 on Sunday, had been signed through the 2018-19 season, and his new deal takes his annual base salary and supplemental income up to $1.924 million, according to the school, up from $1.7 million. It also includes $1.4 million in "longevity bonuses" over the life of the deal as well as a buyout provision, the school announced.
"I'm thankful for receiving this new contract," Bennett said in the statement released by the school. "I love coaching at the University of Virginia and living in Charlottesville where the community has been wonderful to my family. I feel we are building something special here and this commitment by the University is another great step towards ensuring we continue to compete at a high level."
The 2013-14 ACC Coach of the Year, Bennett led Virginia to the Sweet 16 for the first time since 1995 and the ACC regular season and tournament titles in the same season for the first time in school history. He also tied a program record with 30 wins.
Bennett has guided the Cavaliers to the NCAA tournament in two of the last three years. Before coming to Virginia, Bennett was 69-33 (.676) in three seasons as head coach at Washington State. He also played three seasons in the NBA as a point guard for the Charlotte Hornets from 1992-95. SI WIRE: Montana hires former Cal assistant Travis DeCuire as men's basketball coach