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From the Comedy Central Press Release:

"SOUTH PARK" RENEWED THROUGH SEASON 20!

CREATORS TREY PARKER AND MATT STONE
AGREE TO KEEP THE ICONIC SERIES IN
ORIGINAL EPISODES THROUGH SEASON 20!

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Season 15 Finale Premieres Tonight At 10:00 P.M.

All-New Season 15 Episodes Available In HD Exclusively On Xbox
LIVE, iTunes, Sony PlayStation Network, Amazon Video On Demand
New Episodes Also Available On SouthParkStudios.com

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New York, November 16, 2011 - Trey Parker and Matt Stone have reached a new deal with COMEDY CENTRAL to extend cable's longest-running animated series, "South Park," it was announced today by Michele Ganeless, president, COMEDY CENTRAL. The deal for three additional seasons ensures the top-rated Emmy® and Peabody Award-winning series will remain in original episodes through 2016 and a milestone 20th season. Parker and Stone will continue to write, direct and edit every episode of "South Park," as they have since the premiere of the series in 1997.
"The collective genius of Matt and Trey knows no bounds," said Ganeless. "Week after week and season after season they continue to surprise and delight 'South Park' fans, and that includes all of us here at COMEDY CENTRAL. We're thrilled that the adventures of Stan, Kyle, Kenny and Cartman will continue through 2016."
"COMEDY CENTRAL has been our home for 15 years and we love working there," said Parker and Stone. "'South Park' is a blast and we can't wait to make more."
Recently voted "The Greatest Animated TV Series" in a poll conducted by Entertainment Weekly, "South Park," which wraps its 15th season tonight, averaged over 3.5 million viewers per episode during its most recent season (most current data), in which it was the #1 show in all of television among Men 18-24 in Wednesday Prime and the #1 show in cable among Adults 18-49, Adults 18-34, Adults 18-24, Men 18-34 and Men 18-24 in Wednesday Prime. The series has also accumulated 35 million fans on Facebook, making it the most-liked series in cable and the #3 series in all of television.
"South Park" launched on August 13, 1997 and premiered its 15th season on April 27, 2011.
Co-creators Trey Parker and Matt Stone are executive producers, along with Anne Garefino, of the Emmy® and Peabody Award-winning "South Park." Frank C. Agnone II is the supervising producer. Eric Stough, Adrien Beard, Bruce Howell and Vernon Chatman are producers. "South Park's" Web site is http://www.southparkstudios.com. The series airs Wednesday nights at 10:00 p.m. and repeats later that night at midnight (all times ET/PT).

That is the most excellent news

Fuckin' hell, that's phenomenal! That just made my day.

I just had an orgasm!!!

17? Nah let's go for 20

SWEEEEEEET

Maybe they will outlast the Simpsons after all!
A lot more time to explore every possibility with the show and who knows it could go on even more.

Awesome!
Awesome to the max!

my high hopes of them wanting to last at least 20 seasons has come true! uber happy right now! i bet all other fans are thinking what i am: nothing can ruin this day for me.

Neat.

Limp out in a long and slow death rather than ending on a high note? Simpsons is already doing it.

Kewel.
See, this is what confused me the last time their contract was renegotiated. Beginning of the last season of their previous contract they re-upped for a couple of seasons then added a few more toward the end of that season (just like they're doing now).

Also, I don't think anyone will ever catch up to the Simpsons.

Seriously, though. They are either trolling us with all these episodes that anyone could mistake for the beginning of the end, or they are the most fickle people ever.

So far, they haven't said "after this contract runs out, that's it," and then gone back on their word, so there's no way they've been fickle. Now, if you think they're trolling, you can just stop watching the show now.

I said if it wasn't trolling (or if you insist, that is just my imagination), and is what I perceive as hints to an end, THEN it would be fickle. Maybe I shouldn't have given an either-or option, but what ever.

True, but south park has outlasted its welcome by a few years, if they were ever going to end it on a high note. Now, some of the episodes are good, and some of them are just a waste of time. Going out in four more years is kind of just putting an infinite license for addendum's to south park.

Will it ever end?

We've got another four years to talk about it.