The centre-back was hit with a significant spell on the sidelines, several ex-team-mates were also suspended and Sampdoria and Bari were handed point deductions
The 26-year-old faced charges for six illegal activities in the match-fixing probe, all committed during his spell at Bari between 2008 and 2011.
Alessandro Parisi, Marco Rossi and Marco Esposito, all former team-mates of Masiello, all had their plea bargains accepted as well.
Parisi will be banned for two years, Rossi for 20 months, and Esposito for three months and 10 days.
Meanwhile, Sampdoria will start the 2012-13 season with a one-point penalty following their role in the scandal, while Bari will start with a five-point deficit in Serie B as both clubs also had plea bargains accepted.
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