Portland Trail Blazers president of basketball operations Neil Olshey has reached a contract extension that lengthens his deal through the 2023-24 season, the team announced Friday.

Olshey has constructed a perennial Western Conference playoff team in his seven seasons, including consecutive years as a third seed and the franchise's first conference finals berth in 19 years.

Portland has reached the playoffs in six straight seasons. The extensions for Olshey and coach Terry Stotts, who is now signed through the 2021-22 season, are public reinforcements of ownership's commitment after longtime owner Paul Allen's death last year.

"Neil has done an exceptional job finding and keeping the talent that has made the Trail Blazers a perennial playoff team, culminating in this season's magical run to the Western Conference Finals," team chair Jody Allen said in a statement. "I have great confidence in the culture he has created in Portland, and I look forward to seeing it thrive and grow for years to come."

The Blazers' two franchise guards, Damian Lillard and CJ McCollum, are eligible for contract extensions this summer. Both were Olshey draft picks who became the backbone of the organization.