The group announced Thursday that Osborne, the legendary Nebraska football coach, is one of two recipients of its Champions Award.
Osborne is receiving the award alongside fellow College Football Hal of Famer Archie Manning, who currently serves as the National Football Foundation's chairman.
Osborne recently told the Journal Star he also plans on attending April 13's Red-White Spring Game at Memorial Stadium.
The FBA gives its champions award each year to a person who, ""over a long career furthers the cause of the college football bowl industry, with special emphasis on the student-athlete experience."