Rodgers is just one of two sophomores on the list with the other being Boise State sophomore quarterback Kellen Moore.
The Walter Camp trophy, given to the top player in college football, is the fourth-oldest individual college football accolade.
The watch list will be narrowed to 10 semi-finalists in early November.
The 2009 Walter Camp Player of the Year recipient, which is voted on by the 119 NCAA Bowl Subdivision head coaches and sports information directors, will be announced live on the ESPN SportsCenter on December 10.
The winner will then receive his trophy at the Foundation's annual national awards banquet on January 16, 2010 at the Yale University Commons in New Haven.
View the full list by visiting WalterCamp.org.