Borzello added that the extension will keep Bennett under contract with the Gaels through the 2026-27 season.
The 55-year-old Bennett has been the head coach at Saint Mary's since 2001-02, posting a 362-156 record during his 16-year tenure.
Bennett has led Saint Mary's to six NCAA tournament berths and five trips to the NIT over the past 13 campaigns.
The Gaels have been the West Coast Conference regular-season champions on three occasions during his tenure, and the WCC tournament champions twice.
After three straight NIT appearances, Saint Mary's returned to the NCAA tourney last season, posting a 29-5 record overall, which was its best mark under Bennett.
The Gaels earned a No. 7 seed in the tournament and beat No. 10 VCU in the first round before getting knocked off by No. 2 Arizona.
Saint Mary's hasn't won less than 20 games since 2006-07, and Bennett has been rewarded with three WCC Coach of the Year nods.
The Gaels will enter the 2017-18 season ranked No. 22 in the Associated Press Top 25 Poll behind only No. 18 Gonzaga among WCC teams.