Coming off five wins across the past two seasons, the Eagles had toyed with the idea of trading the sought-after pick for multiple high-end selections.
North Melbourne, Melbourne and Hawthorn all made bids for the top pick - and access to the highly rated Reid.
But none could tempt West Coast, who flew cult figure Nic Naitanui to Melbourne to present Reid with his new jumper at Marvel Stadium on Monday night.
Naitanui handed over the No.9 West Coast jumper, which he and fellow Eagles great Ben Cousins wore during their illustrious careers.
Reid is arguably the most-hyped draftee in history, viewed by many recruiters as a generational talent.
"I was pretty laid back with it all, to be honest," the 18-year-old midfielder told Fox Footy.
"I was just super grateful for the people around me and all my friends and family."
Before the draft, Reid was forced to defend himself amid speculation he was less than happy to move outside of Victoria.
But the Eagles are satisfied the young star, who hails from the country town of Tongala in Victoria's Goulburn Valley region, does not represent a flight risk.
Reid is the third player taken by West Coast with the No.1 pick at a draft and the first this century.
The Eagles previously picked Drew Banfield (1992) and Michael Gardiner (1996) with the top selection.
Reid was also presented with the inaugural Allen Aylett Medal as the competition's No.1 draft pick.
The award is named after former North Melbourne champion and VFL president Aylett, who died in September last year.
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