With Bregman not eligible for free agency until after the 2022 season, the deal, which kicks in this season, buys out his first two years of free agency as well as his arbitration years.
Bregman, 24, is coming off an All-Star season in which he finished fifth in MVP voting after posting a .926 OPS to go with 31 home runs, 103 RBIs and 10 steals.
The second overall pick in the 2015 amateur draft out of LSU is entering just his fourth season, and the beginning of his Astros career already ranks among the best in club history.
Carlos Correa and Hall of Famer Jeff Bagwell are the only two Astros position players who produced more Wins Above Replacement in their first three seasons than Bregman.
Bregman was limited early this spring after having arthroscopic surgery on his right elbow in January. The deal means the Astros have Bregman and star second baseman Jose Altuve locked up through 2024.
The 28-year-old Altuve, who had offseason knee surgery, is a six-time All-Star and the 2017 AL MVP. His $163.5 million, seven-year contract includes annual salaries of $26.2 million from 2020-24.
The Bregman deal was first reported by Fox 26 in Houston.
The Associated Press contributed to this report.