In this paper, we study the interaction between two Λ-type three-level atoms (a typical qutrit-qutrit system) and two coupled modes of a quantized radiation field in the presence of field-field interaction (parametric down conversion) which are simultaneously injected within an optical cavity. Then, by applying an appropriate canonical transformation, the introduced model is reduced to a well-known form of the generalized Jaynes-Cummings model. Under particular initial conditions for atoms (in some possible states) and the fields (in the finite dimensional pair coherent state) which may be prepared, the explicit form of the state vector of the whole system is analytically evaluated. In order to find the degree of entanglement between different parts of subsystems (“atom+atom”-field, “atom+field”-atom and atom-atom) the dynamics of entanglement through different measures, namely, linear entropy and negativity is evaluated. In each case, the effect of various types of initial atomic states on the above measures are numerically analyzed, in detail. It is indicated that the amount of entanglement can be tuned by choosing appropriate initial states of atoms. Particularly, it is shown that the entanglement sudden death (ESD) can be controlled by adjusting the initial state of the atoms.