Can you confirm the expiration date on the passport?
They wont issue PGWP beyond the valididty of the passport.
Also because the term they use on the website says up to 3 years work permit, they may argue to say its not a guarantee for you to get the full 3 years. For sure if you did a 3 year program, then you would be eligible for 3years work permit. And even if the passport had less time than the years you could seek an extension for PGWP, once you renewed the passport and it was coming close to the time.