At mid-season there was no doubt in my mind that Collin Klein was the best overall player. Then Baylor happened.
Manziel is certainly outstanding but Florida and LSU shut him down in two losses and, honestly, without the win against us I don't think he'd be a serious candidate.
Te'o was one of the best defensive players in recent memory and without him and his big plays in critical situations Notre Dame may very well be 7-5. He is definitely the leader of their undefeated team.
For that those reasons I'd give him the nod.