Taylor has had a brilliant debut season after being picked at No.28 overall in last year's AFL Draft.
He has played all 17 games and won a Rising Star nomination for his round 9 performance against North Melbourne.
Taylor has averaged 15 disposals a game and kicked 10 goals, capturing fans' imaginations with his speed, evasion and quality ball use.
His former Geelong Falcons teammate Gardiner was touted as the best defender of last year's draft class and, after being taken at No.22, has been exceptional for the Lions.
The aggressive 18-year-old has played 12 games, largely in lock-down roles, but still managed 10 touches a game.
The Lions have now extended the contracts of Taylor, Gardiner and Nick Robertson from last year's draft crop – all more than 12 months in advance of their contracts expiring.
The 2012 class of Paparone, Sam Mayes and Michael Close have also been locked away to multi-year deals.
It is a big turnaround from the end of last year, when five first round draft picks left the club, citing homesickness.
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