The Terps bring back 93 percent of their offense from last season.
Frese is set to coach her 20th season at Maryland in 2021-22.
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.
Maryland is looking for its first Elite Eight appearance since 2015.
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.
An Alabama beat writer breaks down the Crimson Tide before their second round matchup with Maryland women’s basketball
Alabama has struggled to end the season, losing seven of its final 11 games.