The deal averages $7.575 million per season and runs through the 2026-27 season.
Wild general manager Bill Guerin announced the new deal with the 29-year-old Spurgeon, who set career highs in goals (14) and assists (29) last season while playing in all 82 games.
Spurgeon also led the Wild with 145 blocked shots and was second behind Ryan Suter in time on ice with an average of 24:09 per game.
"We love Jared. He's a homegrown guy. He's been here for his whole career and we want him to be here his whole career," Guerin said. "It was very important for us to get this done.
"This was the priority [this offseason]. ... We didn't want him going anywhere."
Spurgeon's 14 goals last season tied for third in franchise history among defensemen. He has blossomed into one of the team's indispensable players, ranking in the top 20 among NHL defensemen over the last four years in goals, power play goals, blocked shots and time on ice.
A sixth-round pick of the New York Islanders in 2008, Spurgeon was signed by the Wild as a free agent before the 2010-11 season and has played all nine of his NHL seasons with the team.
The Associated Press contributed to this report.