O'Brien was Penn State's head coach from 2012-13, going 15-9 in the wake Joe Paterno's firing.
Lustig replaced Stacy Collins, who departed for Boise State earlier in the week.
With Owusu available after months of injury issues, Penn State now has an extra weapon on the court.
"This is what college sports should be all about. And really, our students were awesome."
Drake was originally set to perform on March 18.
The Nittany Lions didn't allow King to reach 20 points during any of the three sets.