The Terps face conference challengers Indiana, Michigan and Ohio State twice.
Frese's new contract includes a base salary of $1.4 million.
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.
Brenda Frese's squad tallied 22 assists on 42 made shots.
The Terps held the Mountaineers to four points on 12.5 percent shooting in the second quarter.
Star sophomores Ashley Owusu and Diamond Miller took over as the Terps advanced to the round of 32.
“They deserve just as much as the men do.”
The Terps will face Mount St. Mary’s in the first round on Monday.