In interviews with The Diamondback, Frese and Benzan discussed their reactions to transfers, issues with the team and a lack of buy-in.
The deal gives Frese a raise on top of the six-year deal she signed under a year ago.
The AP Third-Team All-American was one of four players to leave the Terps via the transfer portal on Tuesday.
The Terps were bounced from the NCAA Tournament in the Sweet Sixteen for the second straight year.
The Terps are looking to avoid last season's exit in the Sweet 16 when they meet Stanford.
The Terps used another convincing third quarter to advance in the NCAA tournament.
The Terps will move on to the second round of the NCAA tournament, where they will face Florida Gulf Coast on Sunday.
Reese was named to the third team, joined by Katie Benzan and Ashley Owusu who were both honorable mentions.
Despite a similar roster, the Terps have not replicated last year's success.
The Terps struggled to create offense in their first round matchup, putting up a tournament-low 51 points in the loss.