Paul Storey's basketball journey began at Xenia High School, where he helped establish a legacy of excellence from 1958 to 1960. As a junior and senior, he led the Buccaneers to back-to-back Miami Valley League and District Championships, compiling impressive 22-2 and 22-1 records respectively. His senior season featured an unprecedented 18-0 regular season—the only undefeated campaign in Xenia High School history. Storey earned All-MVL honors, Dayton Journal Herald All Miami Valley Dream Team recognition, and Honorable Mention All-State selection while serving as team co-captain.

At Ohio University (1960-64), Storey's impact extended beyond his 1,138 career points. Playing on an athletic scholarship, he steadily developed into a leader, culminating in his senior year when he averaged 14.1 points while serving as team captain and earning Most Valuable Player honors. The 1963-64 Bobcats captured the Mid-American Conference Championship with a 21-6 record and made history as the first MAC team to reach the NCAA Elite Eight, defeating Louisville and Kentucky before falling to Michigan. Storey's All-MAC performance helped cement this squad's place as Ohio University's Team of the Century.

His contributions to basketball have been recognized through inductions into the Ohio University Hall of Fame (1995), Xenia High School Hall of Fame (2017), and as part of Ohio University's 1963 and 1964 teams honored by the Ohio Basketball Hall of Fame (2017). Storey continues serving his community as Vice Chair of the Xenia Senior Center and is a member of the Xenia High School Hall of Fame committee.