In ternary bulk heterojunction solar cells based on a semiconducting biphenyl-dithienyldiketopyrrolopyrrole copolymer donor and two different fullerene acceptors that distinctly differ in electron affinity, the open-circuit voltage is found to depend in a slightly sublinear fashion on the relative ratio of the two fullerenes in the blend. Similar effects have previously been observed and have been attributed to the formation of an alloyed fullerene phase possessing electronic levels that are the weighted average of the two components. By analyzing the contribution of the charge transfer (CT)-state absorption to the external quantum efficiency of the ternary blend solar cells as a function of composition, we find no evidence for a CT state formed between the polymer and an alloyed fullerene phase. Rather, the results are consistent with the presence of two distinct CT states, one for each polymer–fullerene combination. The two-state CT model does not, however, explain the sublinear behavior of the open-circuit voltage as a function of the blend composition.