That was a few million more than what James Harden got from Houston in 2017.
"This is where I have my home, this is my city," Antetokounmpo wrote on social media.
"I'm blessed to be a part of the Milwaukee Bucks for the next five years."
The Bucks won the Eastern Conference last season but then advanced to the quarterfinals against Miami.
The next NBA season will be an early Christmas present for the fans.
The draft is on 22 December.