Jamie Elliott and Jarrod Witts, both 20, have signed on for two and three years respectively.
The deals mean Elliott will stay at the Magpies until the end of 2015, while promising ruckman Witts, who is yet to make his debut, is bound to Collingwood until the end of 2016.
Witts has impressed observers with his performances in the VFL and the NAB Cup and was named as an emergency for the Anzac Day clash.
Collingwood football manager Geoff Walsh told FoxFooty's The Club that both players had strong futures at the Magpies.
"Jamie, with almost 20 games under his belt now, is becoming one of the bright young players in the competition," Walsh said.
Elliott made his debut against Adelaide in round nine, 2012 and has played 19 games and kicked 15 goals.
He came into the season with an objective to score more goals and has kicked nine goals in four games, including a five-goal haul in round two against Carlton. He was close to best on ground that day.
Elliott said he wanted to wait until the season was underway before thinking about contracts but was rapt to put pen to paper.
"To get it out of the way now and then focus on the year ahead, it's a big deal," Elliott said.
The 208cm Witts is biding his time behind the more experienced Darren Jolly and Ben Hudson but looks exciting. He arrived at the club as a NSW scholarship player.
Walsh said the club saw him as a Collingwood player for a long time and were prepared to invest heavily in him.
Witts is now determined to prove his worth.
"They have shown a lot of faith and it is up to me now to repay them," Witts said.
