The Nittany Lions were knocked out of the conference tournament after playing 110 minutes and will now await seeding in the NCAA Tournament.
The award is presented to the nation's top quarterback in college football.
Penn State will open its Big Ten play at home for the second time in 15 years.
Penn State will now await potential seeding in the NCAA Tournament.
Fashanu is one of 12 semifinalists for the award.
"You got to go into them all with the same mindset and just give everything."