Other finalists include Boston College running back Andre Williams, Northern Illinois quarterback Jordan Lynch, Alabama quarterback AJ McCarron and Auburn running back Tre Mason.
The winner will be announced Saturday in New York.
Redshirt freshman Winston has guided the top-ranked and unbeaten Seminoles into the Jan. 6 BCS national championship game against Auburn after amassing 3,820 passing yards and 38 touchdowns.
His image has been tarnished, however, by allegations of a December 2012 sexual assault. Florida prosecutors announced last week Winston won't be charged due to a lack of evidence.
After becoming the first freshman to corral a Heisman last season, Manziel this year has racked up a 4,418 yards of total offense and 41 total touchdowns for the Aggies.
Lynch has rushed for quarterback-record 1,881 yards this season for Northern Illinois, while SEC Offensive Player of the Year Mason ran for 304 yards and four touchdowns for Auburn Saturday in the SEC championship game.
Alabama's McCarron passed for 2,676 yards with 26 touchdowns as a senior, and Williams led the nation with 2,102 rushing yards on 329 carries for Boston College.