And all five of those schools, Bailey plans on seeing visiting this spring.
"I have spring break coming up this week so I am going to start visiting the schools I haven't been to this spring," Bailey said "Plus, I will also visit Northwestern again."
His next visit, is coming up pretty soon.
"I am going to Illinois on Friday," Bailey said. "This is my second visit there."
The first visit was for junior day, and this time around Bailey is looking forward to the more personal experience.
"We are going to one of their practices," Bailey said. "I am looking forward to seeing how I like the school."
And eventually, that is exactly how Bailey will make his decision.
"In the end I am going to sit down and compare all the schools," Bailey said. "And that is how I am going to make my decision."
But Bailey isn't limiting himself to just his top five, he is still open to other schools entering the mix.
"There are some other schools I talk too," Baliey said. "And if I really start to like them then I will go and visit schools outside of my top five."
And part of the reason why Bailey has narrowed down his top five, is the way that each school plans on using him.
He added, "All the schools in my top five want me as a quarterback, they just want me to fit into their offense."
And that is something that appeals to the athletic signal-caller.
"That's what I like I am not necessarily looking for a spread offense," Bailey said. "Because I believe I can play in any offense."
But does Bailey have a timeline of committing yet?
"We are going to pray about it as a family," Bailey said. "And probably during the summer time decide on where I will be committing."
He continued, "The latest that I will commit is at the beginning of my senior season."
Stay on FOXSportsNext for the latest on Bailey as he continues his visits, and the rest of the Class of 2013.