Morris has inked a fresh two-year extension, tying the 21-year-old star to Brisbane until the end of 2029.
It comes just days after Bailey penned a massive new eight-year contract, with the history-hunting Lions to face Hawthorn in a preliminary final at the MCG on Saturday.
"It's a bit of relief to sign on for another couple of years," Morris told reporters on Tuesday.
"I'm obviously happy with where I am and the team I'm playing in.
"It was a no-brainer to sign on for another couple of years, and I guess it's a good week to do it.
"Hopefully we can get some momentum going into the weekend."
Already a two-time premiership forward, Morris is one of the AFL's brightest young talents with 144 goals in just 69 games.
The Werribee product had been a key target for Tasmania and a host of Victorian clubs who were keen to lure him back to his home state.
But Morris said he enjoys Queensland's weather and has settled down with a partner, happy to stay put for the next three seasons.
The decision was made over the past month, with Morris ultimately eager to continue chasing success with the all-conquering Lions.
"I'm happy where I am here, so there was no point dragging it out if I knew what I wanted to do, and I wanted to stay at Brisbane," he said.
"I'm happy to get it done and now I can just focus on this week, and hopefully the next few years will be exciting."
Morris turned down huge interest to stay with Brisbane, but will no doubt attract even more significant offers when his new deal ends, if his career trajectory continues.
"I didn't want to leave a team where I'm happy where I'm at mentally and have got a good group of mates," Morris said.
"Playing within a good team that's got good values and playing with all my mates is more valuable to me than a bit more money. That's what it ultimately came down to."
Morris is primed for a big outing on Saturday, having kicked four goals in the Lions' 67-point thumping of Hawthorn last month and eight majors on his most recent trip to the MCG, in a home-and-away win over Collingwood.
Morris allayed injury fears over his corked leg, which led to him sitting out the latter stages of last week's semi-final thumping of Adelaide.
"I did a little bit today and I don't normally train Tuesdays, so the body's feeling good and ready to go this weekend," he said.
