Jackson, a first-round pick (No. 32 overall) in the 2018 NFL Draft, narrowly won the Anthony J. McKevlin Award over a field that included third-place finisher Bradley Chubb, this year's No. 5 overall pick of the Denver Broncos.
The 2016 Heisman Trophy winner at Louisville, Jackson was the first player in FBS history to pass for at least 3,500 yards and rush for at least 1,500 yards -- which he did in back-to-back seasons.
Earlier, Jackson was named the ACC Football Player of the Year, becoming only the sixth player in league history to win the award in consecutive years.
Jackson actually produced better numbers last season than in 2016, passing for 3,660 yards and 27 touchdowns while amassing 1,601 yards and 18 scores on the ground.
Chubb, a former standout at North Carolina State, finished third in the balloting. Georgia Tech catcher Joey Bart was second.
Widely considered as the best defensive player in this year's draft, Chubb registered 72 tackles, including 23 for loss, and 10 sacks in 2017 for the Wolfpack.
Chubb also had 10 sacks in 2016, and notched 25 sacks and 54.5 tackles for loss in his career at North Carolina State.