Missouri quarterback Chase Daniel and Hawaii quarterback Colt Brennan were the other finalists. They will all be in New York on Saturday night when the award is given to the top player in college football.
“I think it's a good race,” Brennan said at a news conference. “I think anybody can win it. It's up to the voters. It will be interesting to see how it plays out.”
The Heisman race took a while to develop this season and seemed wide open until the last month when Tebow, McFadden and Daniel emerged as front-runners.
Since the first Heisman was given to Chicago's Jay Berwanger in 1935, all 70 players who have won college football's most prestigious award have been juniors or seniors.
Tebow could break that trend. The ultimate dual-threat quarterback, the 235-pound Tebow ran for 838 yards and an Southeastern Conference-record 22 touchdowns.
He's also the nation's second-leading passer, having completed 68 percent of his throws for 3,132 yards, with 29 touchdowns and just six interceptions in his first season as a starter.
Tebow's already had a historic season, becoming the first major college player to run for 20 touchdowns and throw 20 TD passes in the same season.