Take it to a Garry Fisher / Trek dealer, they will have specific knowlage for this product if it's a press fit BB.

Don't think you have a press fit BB, these are normally seen in Alu and CF frames, and yours is steel. You probably have an exteral bearing BB, even if this had become loose, the shells are made from aluminium, and so should not have demamged the steel frame, at worse, you may need to get the BB faced & tapped.

Would also be worth checking exactly what your bike is (re-decaled?), as accorcing to bikepedia, the Paragon was only avaliable with a steel frame back in 1993, if this is the case, if orginal, the BB will be a normal square taper cartridge, comments for the external BB also apply