The deal will keep the prized forward under contact through the 2012-13 season.
Griffin was the first rookie to appear in an NBA All-Star Game since China's Yao Ming in 2003. He averaged a team high 22.5 points and 12.1 rebounds last season.
Contract options with forward Al-Farouq Aminu and guard Eric Bledsoe were also exercised through the 2012-13 season, the team said.
(Reporting by Gene Cherry in Raleigh; Editing by Julian Linden)