The award has been presented since 2004, the year Allar was born.
This marks the first time a collegiate team will play in the Spengler Cup.
Durant and Ioane also made the Outland Trophy watchlist.
Penn State starts the season three spots ahead of where they finished 2024.
Bang joins the Nittany Lions after playing professionally last season in Denmark.
Penn State's newest face on defense, Amare Campbell, is set to take on the mike linebacker role.