The three players' current deals expire on June 30 but the club have triggered 12-month options to keep them on board for next season.
Manager Simon Grayson told North End's official website: "I am delighted we have extended the contracts of Bailey, Will and Jeffrey and I am sure they are delighted as well.
"They have all contributed to the football club over the season. Bailey has been outstanding since we arrived - he and Paul Huntington have formed a really strong relationship and contributed to very few goals conceded.
"Will has been a revelation with his performances and the goals he has scored from the wide areas and Jeffrey has affected the games over the last few weeks.
"They are all young, hungry players, looking to improve and we will give them that guidance and work with them to make them good players."