Two four-level atoms resonantly interacting with a two-mode squeezed vacuum field through the intensity-dependent Jaynes–Cummings-like model are considered. It is shown that the atoms can evolve into pure entangled states at certain time. Moreover, the pure entangled states can probabilistically be projected onto extremely entangled states by quantum jump technique. It is shown that the success probability monotonously increases with increasing degree of squeezing without any decoherence processes. However, it is found that if decoherence processes such as atomic spontaneous emission and photon leakage out of the cavity take place, the total success probability first increases but then decreases with increasing degree of squeezing and finally approaches zero as the squeezing becomes stronger and stronger. Therefore, the high degree of squeezing in the initial state of the cavity field is not always helpful for a high probability of creating extremely entangled states when spontaneous emission and cavity decay exist. Given spontaneous emission and photon leakage rates, there is an optimal squeezing degree for which the total success probability becomes maximum.