The George Washington-Maryland basketball rivalry, which was in danger of extinction, will continue for at least two more years, the athletic directors of both schools indicated yesterday.

However, there is a possibility that the two teams will not be able to clear a date on next season's schedule and the next game will not occur until the 1980-81 season.

Jim Kehoe, who retired as Maryland athletic director last year, cancelled the series between the two longtime area rivals when GW Athletic Director Bob Faris would not agree three years ago to dropping the regular-season game as a precondition for participating in the new Tipoff Tournament.

As a result, GW has not been in the field of the Tipoff Tournament at Capital Centre. The field has included Georgetown, American University and Navy. Kehoe also refused to renew the regular-season contract that expired this season. Maryland holds a 30-26 edge in the series that began in 1912.

Carl James, the new Maryland athletic director, has proposed December dates to Faris for the next two seasons. The first game would be played at Maryland's Cole Field House, site of this year's game, and the second at Smith Center, GW's arena.

Faris said yesterday he is trying to change the date or cancel a game with an unnamed opponent in order to fit the Maryland date in the 1979-80 schedule.