TJ Malone, Grant Haus, Matt Traynor, Jack Fracyon, and Jack Posey recieved honors ahead of the season opener on Saturday.
"We wanted to represent building the program and taking on the characteristic of toughness, both mental and physical resilience."
The award is the highest honor possible to alumni who have exemplified the objectives of Penn State beyond graduation.
Oliver appeared in 14 games for the Deamon Deacons in 2023.
Andrew Cooke and Jonathan Evans join the Nittany Lions to fight for the No. 1 spot following Kris Shakes' departure.
State College has received a perfect score on LGBTQ+ equality and inclusion for the sixth year in a row.