Georgia's Stetson Bennett, USC's Caleb Williams, TCU's Max Duggan, and Ohio State's C.J. Stroud were named as the final five candidates for the award.
The four quarterbacks who play for four of the top 10 teams this season will be in New York this weekend to accept their awards.
Even though USC was eliminated from the College Football Playoff after a loss to Utah, Williams is still the favorite to win the award. The sophomore, who transferred to USC from Oklahoma, surpassed 4,000 passing yards this season and had 37 touchdown, tying for the most in the country.
In the regular season, he threw for 3,321 yards and 30 touchdown, and only four turnovers. The winner of the Fiesta Bowl will play in the national title game.
In the Peach Bowl semifinals, the other two finalist will face off against each other.
Bennett came back to Georgia for his senior season after leading the team to a national title and throwing for over 3000 yards and 20 touchdown.
Last season, he was a finalist. The 3,340 yards and 37 touchdown were tied for the most in the nation with Williams.
Since 2000, quarterbacks have won 18 times and taken home five of the six awards. Alabama's DeVonta Smith was the first wide receiver to win the Heisman in 20 years.
The first quarterback to win the award was Alabama's Bryce Young. Young threw for 3,007 yards and 27 touchdown but wasn't nominated.
The trophy will be handed out in New York.