The other finalists are University of Minnesota forwards Logan Cooley (Arizona Coyotes) and Matthew Knies (Toronto Maple Leafs).
The winner will be announced at the Frozen Four in Tampa, Florida, on April 7 (6 p.m. ET; NHLN).
Fantilli leads NCAA Division I players with 64 points (29 goals, 35 assists) in 35 games. That includes the game-tying goal for Michigan in its 2-1 overtime win against Penn State in an NCAA Tournament regional final March 26 that sent the Wolverines to the Frozen Four.
Michigan will play Quinnipiac in the national semifinals on April 6.
Fantilli also was named Big Ten Freshman of the Year, First-Team All-Conference and made the All-Freshman Team.
"Honestly, the Hobey Baker Award] never crossed my mind, even in the offseason," Fantilli said. "With the guys coming back in the Big Ten, I didn't even think about it. I was trying to have the best rookie year, trying to have the best freshman year I could have. So the fact I'm in the conversation for that is an honor and I'm really grateful for it."
The 18-year-old center is No. 2 on NHL Central Scouting's midterm ranking of North American skaters presented by BioSteel.
"I would say No. 1, it's just his compete level," Michigan coach Brandon Naurato
[said on the "NHL Draft Class" podcast
. "He's such a competitive kid on and off the ice, wants to win every race and battle in the game, every small-area game in practice. And he has such a high-end motor. … He's always going 100 mph all the time."
Cooley, selected by the Coyotes with the No. 3 pick in the 2022 NHL Draft, is second among NCAA players with 57 points (20 goals, 37 assists) in 37 games. He was named Big Ten First-Team All-Conference and to the conference's All-Freshman Team.
The 18-year-old scored the game-winning goal in Minnesota's 4-1 win against St. Cloud State in a regional final March 25. Minnesota will play Boston University in the second national semifinal on April 6.
The winners of the semifinals will play for the NCAA championship on April 8.
Knies, selected by the Maple Leafs in the second round (No. 57) of the 2021 NHL Draft, is tied for seventh among NCAA players with 21 goals in 38 games, and tied for first with seven game-winning goals. The 20-year-old was named Big Ten Player of the Year and Big Ten First-Team All-Conference.
Minnesota State goalie Dryden McKay won the Hobey Baker last season.
