The way I figure it, it's got to be a pretty big kick in the nuts to be a senior who has started in past years, or had significant playing time, and not make this list. Here it is a list of projected senior starting quarterbacks in D-I who did not make the watch list:
(*-Not previously a starter, **-Split time)
Chris Crane* - Boston College
Gary Rogers* - Wash. St.
Drew Weatherford - Fla. St. (WOW)
Dustin Grutza** - Cincy
Daryll Clark* - PSU
Allen Everidge* - Wisconsin
Patrick Pickney** - ECU
David Johnson* - Tulsa
Bkuiljj-jkfuaj Osama - Navy (Not even gonna try)
Julian Edelman** - Kent St.
Adam Dimichele** - Temple
Dan Nicholson** - Northern Illinois
Billy Farris* - Colorado St.
Chris Nickson** - Vandy
Casey Dick - Arkansas
Michael Desormeaux - ULL
Kinsman Lancaster - UL-Monroe
Sean Setzer* - Utah St.
So the watchlist is longer than the list that didn't make it, and there are only 5 senior quarterbacks who were the primary starters with the vast majority of playing time who didn't make the list. So "way to go" Unitas Award Selection Committee. Took a major leap of faith by simply listing 90% of the returning starters from 2007.