Frese's new contract includes a base salary of $1.4 million.
Three late goals helped the Terps beat their rivals and clinch their third Big Ten championship.
The Terps suffered a litany of injuries in the lead up to their Big Ten tournament defeat on Wednesday.
The Terps' keeper registered four saves and came up clutch in penalties.
Costes knocked the go-ahead, two-run single in the sixth inning as the Terps picked up their third straight win.
Owusu was held scoreless in the fourth quarter in the Terps' season-ending loss to Texas.
The Terps scored their fewest points all season as they were bounced in the Sweet 16.
Reese scored 19 points, grabbed five rebounds and dished out a pair of assists against Alabama.