The Johnny Unitas Golden Arm Award® along with presenting sponsor A. O. Smith Corporation announce the 2023 Johnny Unitas Golden Arm Award Watch List Week 12 Stats. Candidates are chosen based on player performance on and off the field. Candidates are judged on their character, citizenship, scholastic achievement, teamwork and leadership qualities.
| NAME | SCHOOL | GAMES | COMPLETIONS | ATTEMPTS | % | YARDS PASSING | TD PASSING | TD RUSHING | TD RECEIVING | INT | YARDS RUSHING | SCORE | RECORD | CONFERENCE | NEXT |
| Jayden Daniels | LSU | 11 | 220 | 303 | 73% | 3,577 | 36 | 10 | 0 | 4 | 1,014 | W 56-14 Georgia State | 8-3 | SEC | Texas A&M 11/25 |
| J.J. McCarthy | Michigan | 11 | 175 | 237 | 74% | 2,335 | 18 | 3 | 0 | 4 | 164 | W 31-24 Maryland | 11-0 | Big Ten | Ohio State 11/25 |
| Bo Nix | Oregon | 11 | 282 | 361 | 78% | 3,539 | 35 | 5 | 0 | 2 | 128 | W 49-13 Arizona State | 10-1 | Pac-12 | Oregon State 11/24 |
| Michael Penix Jr. | Washington | 11 | 262 | 394 | 67% | 3,695 | 30 | 3 | 0 | 7 | -5 | W 22-20 Oregon State | 11-0 | Pac-12 | Washington State 11/25 |
| Caleb Williams | USC | 12 | 266 | 388 | 69% | 3,633 | 30 | 11 | 0 | 5 | 136 | L 38-20 UCLA | 7-5 | Pac-12 | END REGULAR SEASON |