He's thrown for 2,453 yards and 18 touchdowns with only one interception, and has also rushed for six scores.
Oklahoma, on the other hand, has struggled through some inconsistent play at the position in 2013 after four solid years with Jones at the helm.
Redshirt freshman Trevor Knight won the job in the preseason, but struggled through his two starts and was replaced by junior Blake Bell.
Bell looked excellent in some games — wins over Tulsa, Notre Dame and Texas Tech — and didn't play as well in others, most notably the Sooners' 36-20 loss to Texas last month.
Petty, meanwhile, has turned into the Big 12 Conference's best quarterback and has the undefeated Bears in the national-title picture.
“A physically mature kid when he was coming out, and he's turned into a great player,” Heupel said of Petty.