Carter is one of five finalists for the award, which will be announced on December 29.
The wideout has been projected as the No. 50 wide receiver prospect for this NFL Draft cycle.
First-round games will take place on campus or "another site" of the home team's choosing.
Levis spent the past two seasons at Kentucky after transferring from Penn State and is now a projected first-round pick.
The Athletic reported that the Rose Bowl is "strongly considering" selecting the Nittany Lions instead of the Buckeyes.
The fourth-year defensive back is pegged as a potential top-15 draft selection by NFL Draft analysts.