The Nittany Lions are now 30-2 all-time against the Wolverines at Rec Hall.
The Lady Lions won their seventh straight season-opening game and 52nd home opener.
The award is presented to the nation's top quarterback in college football.
Fashanu is one of 12 semifinalists for the award.
Saquon Barkley was the lone bright spot for the Giants with 128 yards through 36 carries in their 13-10 loss to the Jets.
For the fifth-straight week, the Nittany Lions earned the No. 4 national distinction through their undefeated record.