Cobbo, 20, is enjoying a breakout season with the Broncos, averaging 125 run metres per game and is ranked in the top ten in the NRL for tries, and top 15 for line breaks and tackle breaks.
He was rewarded for his form with selection on the wing for Queensland in the first two games of the Origin series and looks likely to retain his spot for the series decider on July 13 at Suncorp Stadium.
A Broncos academy product, Cobbo is tipped to become the club's long-term fullback and has drawn comparison to both Latrell Mitchell and Greg Inglis.
Cobbo was already contracted until the end of 2023 but would have been free to negotiate with other clubs for 2024 from November.
Broncos coach Kevin Walters said he was pleased to have prevented that from happening.
"Selwyn has a great sense of the game, great skill and anticipation and a feel for the game – he is a wonderful young player and this is great news for the Broncos," he said.
"I just love the way Selwyn goes about his work – he's always got a smile on his face and we love having him at the Broncos.
"The environment that Selwyn and his teammates are creating themselves is huge for us and we feel we're on the right pathway as far as growing our culture as a team and a club."
Cobbo joins the likes of Patrick Carrigan, Herbie Farnworth, Blake Mozer and Xavier Willison in recommitting to the Broncos this season.
Cobbo is set to back up from Origin II duty and play for the Broncos in Saturday night's derby against North Queensland in Townsville.
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