The award is given annually by the Los Angeles Athletic Club to the country's outstanding college basketball player. The award announcement is scheduled for April 11.
The other three finalists are Texas' D.J. Augustine, Kansas State's Michael Beasley and Davidson's Stephen Curry. Hansbrough is a junior, Augustine and Curry are sophomores and Beasley and Love are freshmen.
Hansbrough led the Tar Heels to the ACC title and the overall No. 1 position in the NCAA tournament. He averaged 22.8 points and 10.3 rebounds a game.
UCLA won the Pac-10 championship behind Love, who led the Bruins with averages of 17.6 points and 10.7 rebounds a game.
Augustine, whose Texas team tied for the Big 12 championship, guided the Longhorns to within one game of the Final Four. His 18.2 points and 5.8 assists a game were Texas' bests.
Beasley was the nation's leading rebounder (12.4 per game) and had the No. 3 scoring average (26.2 points) in the nation.
Curry's Davidson team got within a last-second shot of making the Final Four. His sharp shooting -- 32.0 points in NCAA tournament play and 25.9 points a game overall (fourth in the nation) -- was eye catching.