McKay, 58, joined the Falcons as the team's general manager in 2004. He was promoted to president in 2008 after the Falcons hired Thomas Dimitroff.
"Rich has been so important to our businesses and Atlanta's growth for many years. We are thrilled to extend his contract with the Falcons and AMB Sports & Entertainment," Steve Cannon, chief executive officer of AMB Group, LLC, said in a statement.
McKay is also president of AMB Sports & Entertainment Group and played a key role in the development of the Falcons' new stadium, Mercedez-Benz Stadium. He is also credited with bringing new Major League Soccer expansion team Atlanta United to the city.
"He has been instrumental in the success of the Atlanta Falcons on and off the field and has played a very important role in making Mercedes-Benz Stadium a reality, and in bringing Major League Soccer to Atlanta," Cannon said. "Rich is a great champion of our core values and will continue to be a strong leader in our organization and community for years to come."
McKay previously served as the president and general manager of the Tampa Bay Buccaneers and played an integral part in the construction of Raymond James Stadium.
He has spent the last 23 seasons on the NFL's Competition Committee, serving as the co-chairman from 1998-2011 and chairman from 2011 to present.