Olympiakos pair Mirza Begic and Georgios Printezis were also banned for four and three games respectively after brawling with Galatasaray's British forward Pops Mensah-Bonsu who was handed a three-game suspension.
In addition, Olympiakos and the three players were fined after the incident in the closing stages prompted violence in the Peace and Friendship Arena as fans lit flares and pelted players with missiles.
"The suspensions mean all three players will miss the rest of the regular season while Begic will also miss the first game of the Top 16 for which Olympiakos have already qualified," Euroleague said on its website (www.euroleague.net).
The champions, who won Europe's premier club competition last season and in 2012, will serve their ban against Italians Montepaschi Siena on Dec. 12 after they have visited Bayern Munich on Thursday.
The marathon 24-team event ends with the May 16-18 Final Four in Milan.