Waterman was already contracted until the end of the 2025 AFL season after signing a two-year deal at the end of 2023.
That deal was worth less than $500,000 a season.
The 26-year-old's new deal is now reportedly worth close to $1 million a season, with Waterman rewarded for a breakout 2024 in which he kicked 53 goals in 20 games to announce himself as one of the best forwards in the competition.
Waterman's importance to West Coast has grown even further following Jack Darling's trade to North Melbourne earlier this week.
Melbourne and Geelong were interested in luring Waterman their way, but the son of two-time West Coast premiership winner Chris Waterman was always keen to stay at the Eagles.
"It's an honour to sign a long-term contract at a great club like West Coast," Waterman said in a statement.
"Massive weight off the shoulders. There's been a bit of speculation for a couple of months now and a long-time coming, so I'm happy to get it done.
""I know there's a process with these things and between my management and the football club they were working away to get that done as soon as they could.
"Now it's finally done it's reality now and I'm just happy that I'm locked away here for the next five years."
"It's an honour to sign a long contract at a great club like West Coast." — West Coast Eagles (@WestCoastEagles) pic.twitter.com/AtNWcxikPROctober 9, 2024
Waterman's career was at the crossroads in 2023 after he was diagnosed with ulcerative colitis, a chronic inflammatory bowel disease.
But he returned to pre-season in arguably the best shape of his career and went on to produce a career-best campaign in 2024.Now, he wants to get rebuilding West Coast back to its glory days, much like when his dad Chris was in his prime during the 90s."I've grown up walking the halls of family homes and having the Eagles colours plastered all over the wall and, although there was that speculation earlier in the year, I had my heart set on staying here," Waterman said.
Waterman will partner Oscar Allen in attack next year, with developing tall forwards Jack Williams and Archer Reid representing the next wave of spearheads looking to cement a spot in the side.
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