Twisted bilayer graphene (TBG) represents a highly tunable, strongly correlated electron system. However, understanding the single-particle band structure alone has been challenging due to a lack of spectroscopic measurements over a broad energy range. Here, we probe the band structure of TBG around the magic angle using infrared spectroscopy and reveal spectral features that originate from interband transitions. In combination with quantum transport, we connect spectral features over a broad energy range (10-700 meV) and track their evolution with the twist angle. We compare our data with calculations of the band structures obtained via the continuum model and find good agreement only when considering a variation of interlayer/intralayer tunneling parameters with the twist angle. Our analysis suggests that the magic angle also shifts due to lattice relaxation and is better defined for a wide angular range of 0.9-1.1°. Additionally, our measurements offer an optical fingerprint of the magic angle for screening heterostructures before nanofabrication.