Parsons will attempt to be the fourth Penn Stater to win the award.
"From a pure athletic, physical tools standpoint, Oweh is elite in all categories. His first step is insane, and it looks like he has rockets attached to his cleats off the snap."
K.J. Hamler and Tommy Stevens had their Madden ratings released on Friday
The fund will provide a full-tuition scholarship to one Penn State student each year.
"I feel like having it...reminds me of all the support that I got behind my back and how much we as a society need to progress in the right direction."
The conference believes the move will give teams the flexibility they need to keep players and staffs safe.