We call this wiring “modern” because Fender didn't start out wiring Teles this way (in fact, there were a couple of different circuits used in the Tele's first 17 or so years, neither of which is familiar to most younger Tele players). Fender finally settled on their current Tele wiring in 1967, and once adopted, it became the standard wiring for Teles. It's used almost universally by Fender for current Tele production, and even for some of the vintage reissue guitars (such as the Classic Series ‘50s Tele, which features this wiring).
Modern wiring consists of a 3-way switch, with a master volume and a master tone. The available pickup combinations are:
Position 3: Neck Pickup
Position 2: Bridge & Neck Pickups in Parallel
Position 1: Bridge Pickup
Players with reverse-wound, reverse-polarity pickups receive the benefit of hum-cancellation in position 2.
(1) Capacitor, .022µF Orange Drop
(1) Jack, Switchcraft, 1/4" Mono, Long Bushing
(2) Pot, CTS 250K Audio, Low Torque (.250" Bushing Length)
(1) Screw for Shielding Ground Lug
(1) Shielding Ground Lug
(1) Switch, 3-Way, CRL
(1) Treble Bleed Kit for Single-Coils
(2') Wire, 22 AWG Stranded Silver-Plated Copper, Black PTFE
(2') Wire, 22 AWG Stranded Silver-Plated Copper, White PTFE
(2') Wire, 22 AWG Cotton Push Back w/ Tinned Overcoat, Black
(2') Wire, 22 AWG Cotton Push Back w/ Tinned Overcoat, White
(1) Professional, Fully-Illustrated Wiring Diagram