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 LSU product is just entering his fourth season, but 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.
With Bregman not eligible for free agency until after the 2022 season, the deal buys out his first two years of free agency as well as his arbitration years.
The deal was first reported by Fox 26 in Houston.