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This paper describes the Grid Optimization (GO) Competition Challenge 3, focusing on the problem motivation, formulation, solvers submitted by competition entrants, and analysis of the solutions produced. Funded by DOE/ARPA-E and led by a collaboration of national labs and academia members, the GO Competition addresses challenging problems in power systems planning and operations to drive research in advanced solution methods essential for a rapidly evolving electric power sector. Challenge 3 targets a multi-period unit commitment problem, incorporating AC power modeling and topology switching to reflect the dynamic grid management techniques required for future power systems. The competition results offer significant benefits to both researchers and industry practitioners. For researchers, it fosters innovation, encouraging the development of new algorithms to address the complexities of modern power systems. For industry practitioners, the competition drives the creation of more efficient and reliable computational tools, directly improving grid management practices. This collaboration bridges the gap between theory and practical implementation, advancing the field in meaningful ways. This paper documents the problem formulation, solver approaches, and the effectiveness of the solutions developed.