TJ Malone, Matt Traynor, Grant Haus, Jack Fracyon, and Jack Posey were all recognized.
O'Neill notched 51 goals last season, scoring in every game.
Lustig replaced Stacy Collins, who departed for Boise State earlier in the week.
The Nittany Lions' season had touchdowns, sacks, and losses to the nation's top programs.
Baldwin shot a season-high 63.6% from the field.
With Owusu available after months of injury issues, Penn State now has an extra weapon on the court.