UNM Vice President of Athletics Paul Krebs announced the deal Wednesday prior to the team's practice at the NCAA tournament in Salt Lake City, where they play Harvard on Thursday.
The Lobos are in the NCAA tournament for the third time in four years and their 29 wins this season are the second-most in school history.
New Mexico has won 155 games under Alford, the only coach in school history to win 22 games in each of his first six seasons.
The new contract will take Alford through the 2022-23 season.
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