With the arrival of baby, our sleeping arrangements have slightly changed, but our whole family still sleeps in the same room. The dogs now are back in their crates. The baby sleeps in the pack n' play with the bassinet attachment right next to our bed. And the two human adults sleep in the bed.
Crates are an enormously useful tool and I'm very glad that both of our dogs truly like their crates. Teach your dogs to love their crate. It's so useful. They are happy and out of the way. We started crating them about a month prior to the baby's arrival, so they didn't associate the change of being crated with the change of having a new baby. The dogs are happy and we don't have to worry about them approaching the baby when we are all sleeping. They are both accepting the baby very well, so I don't think that they would intentionally hurt the baby, but even a gentle, curious pawing could be harmful.