A wheel with a potentiometer on it (270 degree wheel) will have three wires.  An optical wheel (360 degree wheel) would have four.
On a pot, it's not ground, +5 and signal.  It's ground, other ground and wiper.  
What are you planning to hook this thing up to?  Should be an A-Pac or an AKI, unless you're using a Dual Strike hack or similar.