Australia face Denmark in Samara on Thursday looking to secure a win that would rescue their bid for a place in the last 16, a feat achieved only once by the Socceroos, in 2006.
France defender Lucas Hernández also extended his deal with the club until 2024.
Bahr was the last surviving member of the team which famously shocked England at the 1950 World Cup.
The Lisbon club was without a coach and nine players have said they are breaking their contracts after fans attacked the squad in mid-May.
Second flight league winners Rayo Vallecano and Huesca, who came second were also promoted
Football is sacred in Latin America's biggest country and for many nothing will get in the way of watching the "Selecao's" games, starting this Sunday.
The 1998 champions take on Australia.
The Barcelona maestro was not born when the 'Albiceleste' last tasted success in 1986 and, at almost 31, knows that time is running out.
According to Marca newspaper, the deal is worth 45 million euros.
The 25-year-old midfielder featured in all 38 Premier League matches last season.
Pique is an investor in production company Kosmos Studios which made the documentary in which Griezmann announced he was staying at Atletico.
The agreement still has to be ratified and will likely come with a two-year jail term.
'They did not do even five per cent of what was required of them.'
On paper, France should breeze through a Group C which also features Peru and Denmark.
Bielsa, a maverick former coach of Argentina and Chile, guided the Argentinians to the 2004 Olympic title.