The 29-year-old goalie made 26 saves for his first NHL shutout later Friday, 1-0 against the Anaheim Ducks.
"It feels great, of course," Francouz said. "We were pretty close to getting a shutout last game. We were two minutes short, but I was really happy that we finished hard today. We were playing like one unit in front of me and the guys blocked a lot of shots."
He is 15-5-3 and ranks fifth in the NHL with a .923 save percentage and sixth with a 2.33 goals-against average. He went 9-0-1 from Nov. 7-Dec. 23, the longest stretch without a regulation loss by an Avalanche goalie since Semyon Varlamov in 2013-14 (11-0-5).
Francouz could have become an unrestricted free agent on July 1.
"We are excited to have Pavel under contract for another two seasons," Avalanche general manager Joe Sakic said. "He has been an important part of our team this year and has performed really well, especially when we needed it most. He is a hard-working professional, a great teammate and has earned his opportunity in the NHL."
Francouz, who signed with the Avalanche as an undrafted free agent on May 2, 2018, is 15-7-3 with a 2.32 GAA and .927 save percentage in 27 games (22 starts) with Colorado.
The Avalanche (35-18-7) are second in the Central Division, three points behind the first-place St. Louis Blues.
