The NSW State of Origin hooker was one of the highest-profile players coming off contract at the end of the season and linked with a move to Parramatta or the Sydney Roosters.
However, the 29-year-old said he had little interest in playing for any other team and a desire to remain a one-club man was a huge factor.
"I have been playing here since I was 12 years of age," said Farah at Leichhardt Oval on Thursday.
"I love the club dearly and I never take for granted that I have been given the responsibility as captain which is something I enjoy."
Farah's fine performances in last year's State of Origin series for NSW helped elevate him to the top-earners bracket in the NRL.
His new deal - estimated to be worth around $900,000 a season - was agreed with the club and Farah's manager Sam Ayoub on Wednesday night.
But despite his love for the club, the representative star admits he was deeply unhappy with how the 2012 season panned out as the club missed the finals, sacked coach Tim Sheens and released a number of big-name players.
"It's no secret that the last six months have been a difficult time," he said.
"There's time when you get cranky and get the shits with what's going on.
"But the club means more to me than that. Just because you go through a rough patch, you don't just pack your bags and leave.
"You ride out the tough times and come through the other end."
Farah and Eels coach Ricky Stuart developed a strong bond following last year's Origin series and using the former Blues mentor as leverage to get more money out of the Tigers never crossed his mind.
"I never entered into any formal negotiations - I left that to Sam," he said.
"I am good mates with Stick (Stuart). I speak to him regularly, not just about footy, but life in general.
"I wouldn't do that to him or to them. I respect the bloke too much.
"I said to Sam I want to stay at the Tigers and, if that was not possible, then I would look at other options. But it never came to that."