Bailey, a 6-3, 229-pound senior from Forkston, Ga., injured the MCL in his right knee last week against Ole Miss, but an MRI showed no significant damage.
"I've got to work a little soreness out, but it should be fine by the end of the week," said Bailey, who leads the nation's No. 5 overall team defense with 92 tackles and also has two blocked field goals.
Bailey is a semifinalist for two awards, the Butkus as the nation's top linebacker, and the Lombardi as the top lineman.
Meanwhile, Edwards, who suffered a left shoulder separation in the Ole Miss game, is expected to miss 3-6 weeks, which means he is not expected for the balance of the regular season.
Team doctors say he has an outside chance of being ready if the Bulldogs qualify for the SEC title game on the first Saturday in December.
Edwards, who has missed only one game because of injury since his high school football career began, and said he was told he could be back in four weeks.
"If everything works out, that'll be Dec. 7," said Edwards, who will not travel with the team this week.
Edwards has a team-high 47 receptions, making him No. 3 in the SEC, for 804 yards and a school-record 10 touchdowns this fall.