Jennings is coming off a career performance, recording 175 receiving yards and three touchdowns on 11 receptions during the 49ers' narrow 27-24 loss to the Los Angeles Rams.
In recognition of his award, FedEx will donate $2,000 in Jennings' name to a Historically Black College or University (HBCU). The donation will go towards providing needs-based scholarships to deserving HBCU students.
Joining Jennings in receiving this week's honors is Carolina Panthers quarterback Andy Dalton, who completed 26 of 37 passes (70.3%) for 319 yards and three touchdowns, earning a 123.6 passer rating in a win against the Las Vegas Raiders on Sunday.
The other nominees for the two awards were Rams running back Kyren Williams, Philadelphia Eagles running back Saquon Barkley, Baltimore Ravens running back Derrick Henry, and Indianapolis Colts running back Jonathan Taylor.
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