The school said on its Web site the new deal is for $2 million a year and runs through Dec. 31, 2013. It replaces the deal that would have expired on Dec. 31, 2010.
In 2001, Richt signed an eight-year deal worth $1.5 million annually, making him one of the highest-paid coaches in the Southeastern Conference.
"I'm pleased and appreciative of the administration extending the contract," Richt said. "I've been very blessed with a great staff and players during the past five years as well as tremendous support from our university and athletic administration, fans and student body."
In five seasons at Georgia, Richt has won three SEC Eastern Division titles and two SEC championships. His 52-12 record is sixth-best in the nation since 2001.