Reid, a premiership player (2010) and All Australian (2011), has played 150 games for the club but has been hampered by injuries in recent years.
Wills enjoyed a breakout season in 2019 where he cemented his spot in the senior team in the second half of the season, averaging 15.7 disposals and 7.4 tackles from nine contests.
Varcoe crossed from Geelong at the end of 2014 and has played 83 games in the black and white.
“Travis and Ben are stalwarts of the club, they’ll continue to bring their experience to our mix and we hope to see their form continue from 2019,” Collingwood list boss Ned Guy told the club website.
“Tim’s worked hard in the VFL to return from the injury that cut his 2018 season short, while Jack and Rupert were able to come in and play their role for the team late in the season. We’re hoping that another 12 months will give them the opportunity to have an even greater impact.