Paller, who entered the meet seeded No. 21 out of 24 competitors, unleashed a throw of 186 feet, 6 inches on his second throw.
"The mentality was working tonight, Paller said in a release. "I said I was going to medal, and that's what I did."
Paller is the first Cowboy to earn All-American honors in the discus since Mason Finley in 2014.
Also Friday, former Natrona County standout Lauren Taubert was in 14th place in the women's heptathlon after four events. Taubert, a senior at Kansas State, finished ninth in the 200-meter dash (24.76 seconds), 11th in the 100 hurdles (13.