The deal also includes a club option for the 2018 season and replaces the contract Mackanin signed back in September 2015, per the team.
Mackanin, who was originally the team's third-base coach, took over the Phillies manager job in the final 88 games of the 2015 season after Ryne Sandberg resigned in June.
He went 37-51 with a young, inexperienced team that began the year 26-48 and were already 15.5 games behind the first-place Washington Nationals at the time of Sandberg's resignation.
The small improvement in winning percentage didn't do much for the Phillies, who ended the season with a league-worst 63-99 record.
His side was made up of either inexperienced youngsters or veterans on their last legs. Five of Philadelphia's starters in the field were 25 or younger, while the likes of 37-year-old Carlos Ruiz and 36-year-old Ryan Howard didn't hit over .229.
The Phillies' pitching staff didn't help, either, with a team ERA of 4.69. Only the Colorado Rockies had a worse mark than that.
Mackanin will once again have to deal with a team that is trying to rebuild with young talent, such as third baseman Maikel Franco and starting pitcher Aaron Nola, in a National League East that looks to be dominated by the New York Mets and Nationals.
With expectations low around Philadelphia for the 2016 season, Mackanin will have an opportunity to surprise some people in baseball if he manages his Phillies to some success.
Stats courtesy of Baseball-Reference.com.