Originally from Jesup, Iowa, Yeager graduated from Wartburg College. He began his broadcast career at KIMT-TV in Mason City reporting news, weather and sports, eventually anchoring the weekend news. In 2000, Yeager joined KWQC in Davenport as weekend anchor. He moved to the Des Moines area in 2006 to run the assignment desk at WHO-TV. He joined the staff of Iowa Public Television (now Iowa PBS) in 2007 where he eventually hosted The Iowa Journal. In 2010, Yeager became a reporter for Market to Market.
Paul grew up watching Market to Market on Friday nights with his father. As he tells it, he only saw half of certain Friday night programs because MTM was always part of the TV viewing schedule at the Yeager household. Once Market to Market was over, then, and only then, was he allowed to watch something else.