The redshirt junior is expected to announce that he will forego his senior season at USC to make himself available for the NFL draft.
After Saturday's 45-20 win over Fresno State in the Las Vegas Bowl, Bailey said he needed to talk with his parents before making his decision. He did say it is a "win-win" either way.
"If I leave, I graduated, I got my degree," Bailey said. "I made all-conference for two different positions. I mean, if I left early I wouldn't regret it at all."
Bailey was the starting strong side linebacker in 2011 and 2012 for the Trojans before moving back to safety for the 2013 season, in which the Trojans just finished 10-4.
"If I stayed, I would want to leave a legacy," he said. "I would have the change to go for All-America and all that stuff, win a BCS bowl game. But either way, it's a win-win for me."
In 14 games played for the Trojans this season, Bailey finished fourth on the team with 62 tackles. He led the defense with a team-high five interceptions.