Gerrard said on signing his last Liverpool deal two years ago that he expected to end his playing career at the club he joined as a schoolboy, and the extension is a due reward from owners Fenway Sports Group who have shown they are willing to hand out contracts to older players under the right circumstances.
The club will be eager to find a role for Gerrard once he stops playing, too, but lengthening his deal underlines how important he remains as Rodgers seeks to turn Liverpool into a Champions League club once again.
Rodgers spoke regularly last season about the importance of keeping the captain, the Liverpool manager seeing him as indispensable.
Despite being in his early 30s, Gerrard's appearance record was as impressive as any time during his career. He sat out the final fortnight to resolve a shoulder problem, but has now returned to training and will be fit for club and country for the start of the forthcoming campaign.
"With each day that goes on you see the real importance he still has to the club. He still looks so fit, strong and you can see his influence on the team," Rodgers said last season. "As a captain he's been phenomenal.
"He is a unique player. I can't say that without Steven Gerrard we would be all right because I don't believe we would. This is a top, top player who gives so much quality but also enthusiasm."
Having handed Gerrard a new deal, the next priority for Rodgers is adding more recruits as the next five weeks promise to be hectic in the transfer market.
Liverpool still have plenty of money to spend – as shown by the failed £20 million bid for Henrikh Mkhitaryan – and will also know a further £40?? million or more could be coming in if, as seems likely, Suárez and others depart before the start of the season.
The problem for Rodgers is how best to use the resources he has. Mkhitaryan's rejection was significant as he confirmed the lack of Champions League football at Anfield was the decisive factor in his choice of Dortmund.
Luring players from Champions League teams is tricky unless, as in the case of January signings Philippe Coutinho and Daniel Sturridge, they have found themselves out of favour at their current clubs.
Rodgers still has not been able to sign the younger centre-half he wanted as a long-term replacement for Carragher or an attacking midfielder.
The club will also be planning ahead in the event of Suárez leaving, fully aware the supporters will demand a top-class replacement.
Suárez, who continues to state his eagerness to leave, is scheduled to rejoin the Liverpool squad next week. He is booked in for a series of commercial engagements in the Far East, as well as resuming training.
However, Liverpool may extend his leave to enable both he and Pepe Reina to miss the Melbourne leg of their tour.
Liverpool began their pre-season schedule with a comfortable 4-0 win against Preston North End on Saturday. Iago Aspas, signed from Celta Vigo for £7 million, marked his debut with a goal and an assist. Coutinho and teenagers Jordan Ibe and Raheem Sterling were the other goalscorers.
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