Rivera's deal came after his most successful campaign in three years at the Panthers' helm, in which the Carolina won the NFC South behind quarterback Cam Newton.
In a statement, Rivera said he's grateful for the "support and confidence" in him demonstrated by team owner Jerry Richardson and General Manager Dave Gettleman.
"I have been very clear about how much I have enjoyed living in Charlotte and working for this organization," he said.
Rivera, whose job was considered to be in danger after last season's 7-9 showing, sports a 25-23 overall record as the Panthers coach.
This past season included a franchise-record eight-game winning streak and the winning of the NFC's No. 2 seed.
Carolina lost to San Francisco 23-10 in the divisional round.