In the week champion winger Brian To'o announced he was leaving the Panthers for the PNG Chiefs, Alamoti recommitted through 2029.
Star centre Alamoti had been among a handful of key Penrith players coming out of contract after 2027 and therefore able to negotiate with rivals from November.
The two biggest fish - co-captains Isaah Yeo and Nathan Cleary - have not yet agreed to their own extensions past next season, nor have Moses Leota, Liam Martin or Isaiah Papali'i.
But the Panthers, long accustomed to salary cap pressure, have at least now tied down one of their key young stars in Alamoti.
The stocky 22-year-old has proven an excellent signing since arriving from Canterbury following his rookie 2023 season.
Equally adept at both wing and centre, Alamoti has played 74 NRL games and scored the game-sealing try in the club's fourth consecutive grand final win in 2024.
He is the club's back-up goalkicker, behind Cleary, and is poised to play a key role on the second-placed Panthers' latest charge into September.
"Paul has continued to grow as a player since joining the Panthers and has become an important member of our squad," said Penrith general manager of rugby league Shane Elford.
"He has shown his ability to perform on the biggest stage and, at just 22 years of age, still has plenty of improvement ahead of him."
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