We consider pairing in a three-component gas of degenerate fermions. In particular, we solve the finite-temperature mean-field theory of an interacting gas for a system where both interaction strengths and fermion masses can be unequal. At zero temperature, we find the possibility of a quantum phase transition between states associated with pairing between different pairs of fermions. On the other hand, finite-temperature behavior of the three-component system reveals some qualitative differences from the two-component gas: for a range of parameters it is possible to have two different critical temperatures. The lower one corresponds to a transition between different pairing channels, while the higher one corresponds to the usual superfluid-normal transition. We discuss how these phase transitions could be observed in ultracold gases of fermionic atoms.