The NSW opener joins spinner Matt Kuhnemann and Tasmania allrounder Beau Webster as additions to the contract list for the 2025-26 season.
Kuhnemann starred across two Tests in Sri Lanka, before having to deal with clearing his name after being reported for a suspect action.
Webster had already been upgraded last season, but has been retained following a stunning ascension to Test level for the Border-Gavaskar series decider in January.
Konstas was left out of both Tests in Sri Lanka, as selectors preferred Travis Head to move to the top of the order with veteran Usman Khawaja.
But the 19-year-old looms as the next star of Australian cricket and remains firmly in the frame for the World Test Championship final, the tour of the West Indies, then the home Ashes next summer.
"Matt (Kuhnemann) was outstanding once again in Sri Lanka and we believe he can play a key role across the next 18 months," chairman of selectors George Bailey said.
"In Beau's case he proved more than comfortable at Test level with bat and ball, adds an additional dimension in the field and to the balance of the side.
"With Cameron Green and Mitch Marsh returning there will be welcome and healthy competition for places for the World Test Championship and West Indies tours.
"In Sam we see promising upside in a young player who will continue to develop at first class level and in the international environment."
Spinner Todd Murphy was left off the list after selectors opted for young allrounder Cooper Connolly instead of the Victorian for the second Test in Sri Lanka.
Connolly, who made his Australian debut in all three formats across the last year, has also missed out on a contract.
Marsh retains his spot as a key member of the white-ball teams, despite his Test career seemingly over after being dropped for Webster.
CRICKET AUSTRALIA MEN'S CONTRACTS 2025-26: Xavier Bartlett, Scott Boland, Alex Carey, Pat Cummins, Nathan Ellis, Cameron Green, Josh Hazlewood, Travis Head, Josh Inglis, Usman Khawaja, Sam Konstas, Matthew Kuhnemann, Marnus Labuschagne, Nathan Lyon, Mitchell Marsh, Glenn Maxwell, Lance Morris, Jhye Richardson, Matt Short, Steve Smith, Mitchell Starc, Beau Webster, Adam Zampa.
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