Derulo's performance will begin at 8 p.m. that night.
The pair of Nittany Lions were both selected as first-team All-Americans Tuesday.
"Penn State's requirement to work on Labor Day demonstrates blatant disregard for our labor -- labor that powers the university."
Penn State is offering 11 activities, including three in-person sports, during the fall season.
The Department of Education required Penn State to make "major changes" to its policies after an investigation found it failed to protect students.
Trevor Williams and AQ Shipley both signed new NFL contracts Monday night.