Thanks David. Just figured that out just as you responded. Even though I was right-clicking on the clip and selecting "Create New Sequence from Clip" to make sure that it had exact settings, Premiere by default does not use the "Maximum Bit Depth" setting, you have to go in there manually and change it. With that setting on, it looks great, no banding. Thanks!
Shot at 320 ISO. Look at the pink/blue lit wall in the background. Why am I getting this color banding. I would think it should be very clean here at these settings. https://christeebo.screenlight.tv/shares/kbwUZO7hQjCQevbijPOSsZkEgfKgnU6u