Jaeden Tito, 25, and Rabii Zahabe, 26, showed little emotion as Victorian Supreme Court Justice Michael O'Connell handed down their 34-year jail terms on Tuesday.
The pair denied they were the masked shooters who stormed Preston, 50, at a Keilor cafe, in Melbourne's northwest, on September 9, 2023.
CCTV footage showed Preston and his friend Abbas Maghnie sitting in the outdoor dining area of Sweet Lulus cafe when two men dressed in black jumped out of a car and fired several shots.
Preston was fatally struck during the 10-second attack while Mr Maghnie was also hit by a single bullet but survived.
Police believe the shooting was a planned underworld contract killing and intelligence reports suggested Preston had amassed a number of enemies.
At trial, Tito and Zahabe argued detectives charged the wrong men.
But a jury in May found them guilty of Preston's murder and Mr Maghnie's attempted murder.
In sentencing, Justice O'Connell said it was clear the two men had carried out the contract killing for financial reward.
"You each had made a deliberate and considered decision to kill Gavin Preston ... which you then carried out in a ruthless and callous disregard for the value of human life," the judge said.
The pair did not know Preston, nor did they organise the hit, but they clearly had detailed knowledge of the extensive preparations, Justice O'Connell said.
That included the placement of getaway cars, the storing of flammable liquids to burn one of the vehicles and booking a chauffeur to drive the pair back to NSW.
Tito and Zahabe also lay in wait in a nearby car park for three hours before Preston and Mr Maghnie arrived about 10am.
"There was ample opportunity for you to reflect on the enormity of what you were about to do and to desist from carrying out this execution," Justice O'Connell said.
"Despite that, when the time came, you did not hesitate."
Both men, dressed in black with balaclavas, jumped out of their vehicle and fired 11 bullets, with seven striking Preston and one hitting a fleeing Mr Maghnie.
The area had been full of cafe patrons who had to duck for cover.
"You exposed a large number of people to a shocking and traumatising event," Justice O'Connell said.
"An execution, in a public setting for profit, is an act which must be unequivocally condemned."
Justice O'Connell accepted Preston was a man with significant criminal convictions but said his life was still valuable.
"It must be made clear that his life deserves the protection and vindication provided by the law, just as anyone else in our community," the judge said.
Prosecutors called for life sentences but Justice O'Connell found the men's youth and harsh conditions in custody meant a life term would be crushing.
He instead jailed the pair for 34 years, with Zahabe eligible for parole after 27 years and Tito eligible after 26 years.
The pair walked into the courtroom smiling but they looked straight ahead and up at the ceiling as their sentences were delivered.
As they were led from the court, one of Preston's family members could be heard yelling from the public gallery.
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