Jones, who finished with 4,463 passing yards and 29 touchdowns in 2011 and boasts an NCAA leading 12,379 career passing yards and 93 career touchdowns, was one of just seven semifinalists for the award last season.
He enters the season tied with current OU running backs coach Cale Gundy (1990-93) for the most career starts by a quarterback at 37 and is just three wins away from tying Steve Davis (1973-75) for the program career wins record of 32 victories.
The Artesia, N.M., product is attempting to become the fifth Sooner to win the award, with Sam Bradford doing so most recently in 2008 and Jason White serving as the only other player in the Bob Stoops era to snag the honor.
Though appearing on the watch list is not a requirement for winning the award, it is almost a certainty that one of the current 34 candidates on there will become the recipient.
Sixteen semifinalists will be picked on Monday, Oct. 22, and The Foundation will subsequently announce three finalists on Monday, Nov. 19.
A winner for the Davey O'Brien will be announced at The Home Depot College Football Awards on Thursday, Dec. 6.
Prior to earning a spot on the Davey O'Brien watch list, Jones was submitted as one of 117 nominees for the aforementioned AFCA Good Works Team.
A panel of former AFCA Good Works Team members and prominent college football media members will select a pair of 11-man teams to be unveiled in September, one for the Football Bowl Subdivision (FBS) and another for the Football Championship Subdivision (FCS), Divisions II, III and NAIA.