The award is presented annually to college football's best running back.
Both second-year product Omari Evans and Kent State transfer Dante Cephus are pushing the Nittany Lions' stable of pass catchers for the third starting role.
Thompson is one of 15 players named to watch list ahead of the 2023 season.
After departures from Jake Pinegar and Barney Amor at the placekicker and punter positions, the Nittany Lions are fostering competitive preseason battles at both spots.
With only 25 days until the Nittany Lions' season opener, members of the media went behind the scenes to check in with James Franklin and Co. ahead of the 2023 campaign.
Cephas ranks ninth in career receiving yards among active college football receivers and led the MAC with 82.7 yards per game.