Lee, a sophomore, accepted the award during the nationally televised Home Depot College Football Awards in Lake Buena Vista, Fla.
West Virginia's Stedman Bailey and Baylor's Terrance Williams were the other finalists.
Lee also was selected to the Walter Camp All-America team.
Lee established Pac-12 Conference records for receptions in a season, eclipsing the 111 USC's Robert Woods amassed last season, when he was a Biletnikoff Award finalist, and yards receiving (1,680).
Lee has 14 touchdown receptions and also returned a kickoff for a touchdown. He has averaged 215.7 all-purpose yards, which ranks third nationally.
Notre Dame linebacker Manti Te'o won three awards, the Maxwell Award (nation's most outstanding player), the Walter Camp national player of the year award and the Bednarik Award (most outstanding defensive player).
Johnny Manziel of Texas A&M; won the Davey O'Brien Award as the top quarterback. Montee Ball of Wisconsin won the Doak Walker Award, given to the top running back. Ball beat out UCLA's Johnathan Franklin and Oregon's Kenjon Barner.
Other winners included: Mississippi State's Johnthan Banks (Jim Thorpe Award, top defensive back); Texas A&M;'s Luke Joeckel (Outland Trophy, top interior lineman); Tulane's Cairo Santos (Lou Groza, placekicker); Louisiana Tech's Ryan Allen (Ray Guy, punter); Notre Dame's Brian Kelly (Home Depot coach of the year).
-- Gary Klein
Texas President Bill Powers gave Coach Mack Brown his "full support," saying Brown will remain the Longhorns' coach after an 8-4 regular season and a third straight year without a BCS bowl game. ... Louisville Coach Charlie Strong said he is staying at the school despite reports linking him to several openings in the Southeastern Conference. ... Pittsburgh Coach Paul Chryst said he is committed to the Panthers and is not a candidate for the Wisconsin job.
Mike Gundy said he intended to remain as coach at Oklahoma State and downplayed reports of a strained relationship with Athletic Director Mike Holder. ... Mark Stoops, Kentucky's new coach, hired former Florida State assistant D.J. Eliot as the Wildcats' defensive coordinator and linebackers coach.