Phinney won a stage of the Tour de Pologne last month and was third overall and best young rider at the Tour of Qatar in February. Last year, he won two time trials: the opening stage of the Giro d'Italia and the last stage of the USA Pro Challenge and was runner-up in the individual time trial at the UCI world championships.

"It is always exciting when a young athlete puts his faith in you as Taylor has done with the BMC Racing Team," Ochowicz said. "He continues to develop his skills and gain valuable experience with each season. His future looks bright and his goals run parallel with ours."

Phinney said he is excited to continue his cycling career with the BMC Racing Team family, which he has been a part of since 2011. "From the riders, to the staff to the management, it's a team that is really growing into a great home for me," Phinney said. "I have a lot of respect for a guy like (BMC Racing Team sponsor) Andy Rihs, who is keeping our team afloat and making sure we are
all well taken care of."

Phinney said winning a medal at the 2016 Olympic Games in Rio remains high on his priority list. Remaining with the BMC Racing Team provides the stability and consistency he had leading up to a pair of fourth-place finishes in London in the time trial and road race. "I thought that was quite important," he said. "The Olympics are a big focus of mine after what I did there last year."