Mayo, 26, started 17 games last season and finished third on the club in tackles with 67. He also had two sacks and a team-high two fumble recoveries in helping Calgary win the Grey Cup.
"Deron has established himself as an excellent CFL linebacker and has become an important member of our defence," said Calgary coach/GM John Hufnagel in a statement. "He has the ability to play sideline to sideline and is consistently around the football."
Mayo joined the Stampeders in 2012 and became a starter the following season. He has appeared in 50 regular-season games, amassing 133 tackles, eight sacks, four fumble recoveries and an interception.