Just weeks after MTV announced that its venerable “Real World” franchise will shoot its 16th season in Austin, Texas, the cable network and Bunim-Murray Productions have reached an agreement for at least five more seasons of the reality show. The deal also tosses in at least two more seasons of “The Real World/Road Rules Challenge.”

Under the new pact, “The Real World” will have a place on MTV through its 20th season and will run through 2008. MTV’s largest ever pick-up will keep “The Real World/Road Rules Challenge” around through 2006.

The ‘Real World’ formula of putting seven photogenic youngsters in a house, providing them with alcohol and hot tubs and occasionally making them work remains wildly popular. The show’s latest season, shot in Philadelphia, regularly wins its cable time period in the 12-34 demographic MTV craves, while the show’s San Diego season was the most watched in the franchise’s history.

The Austin season is expected to premiere in June.