paragraphs_pages.php

function paragraphs_pages_classy_paragraphs_list_options($options, $field, $instance) {
    if ($instance['field_name'] === 'field_background_options') {
        $options['bg-lg'] = t('Light gray background (soft)');
        $options['bg-gr'] = t('Green background (strong)');
        $options['bg-ye'] = t('Gold background (loud)');
    }

    if ($instance['field_name'] === 'field_spacing_options') {
        $options['mv5'] = t('Add vertical margin');
        $options['mb5'] = t('Add margin bottom');
        $options['mt5'] = t('Add margin top');
    }

    if ($instance['field_name'] === 'field_variations') {
        if ($instance['bundle'] === 'small_feature') {
            $options['center'] = t('Center text');
            $options['right'] = t('Right side');
            $options['img-right'] = t('Image on right side');
        }
        if ($instance['bundle'] === 'button') {
            $options['btn-green'] = t('Green');
            $options['btn-white'] = t('Light');
            $options['btn-arrow'] = t('Text with arrow');
        }
    }

    return $options;
}

/**
 * Implements hook_theme().
 */
function paragraphs_pages_theme($existing, $type, $theme, $path) {
    $theme = array();
    $theme['paragraphs_item__small_feature'] = array(
        'render element' => 'content',
        'base hook' => 'entity',
        'template' => 'paragraphs-item--small-feature',
        'path' => drupal_get_path('module', 'paragraphs_pages') . '/templates',
    );
    $theme['paragraphs_item__full_width_section_container'] = array(
        'render element' => 'content',
        'base hook' => 'entity',
        'template' => 'paragraphs-item--full-width-section-container',
        'path' => drupal_get_path('module', 'paragraphs_pages') . '/templates',
    );
    $theme['paragraphs_item__button'] = array(
        'render element' => 'content',
        'base hook' => 'entity',
        'template' => 'paragraphs-item--button',
        'path' => drupal_get_path('module', 'paragraphs_pages') . '/templates',
    );
    return $theme;
}