In his senior season of 1987, he rushed for 403 yards on 85 carries, and caught 77 passes for 1152 yards, amassing 2041 all-purpose yards and again scoring 22 touchdowns, while continuing to play defense and special teams. He finished third in the Heisman Trophy balloting, second in the Maxwell Award voting, and was runner-up for the inaugural Walter Payton Award (Division I-AA player of the year). After the conclusion of the regular season, Lockbaum was selected for three all-star games; the Senior Bowl, the East–West Shrine Game, and the Blue–Gray Football Classic. He appeared in all three games, seeing the most action in the Shrine Game, where he played five positions (cornerback, free safety, strong safety, fullback, and wide receiver).