The award is presented annually to the top Division I player with at least two years of experience.
Briscoe leads No. 2 Kentucky into the 2016-17 college basketball season as the Wildcats' top returning scorer (9.6 ppg) and rebounder (5.3 rpg). He is also widely recognized as one of the top defensive players in the nation.
The Newark, N.J., native ranked among the top 10 performers in the John Calipari era at UK in total assists, assist-to-turnover ratio and assists per game as a freshman.
In two exhibition games this season, Briscoe averaged 11.0 points, 9.0 assists, 4.0 rebounds and 3.5 steals in 19.5 minutes per game. His nine assists and 3.5 steals per game were team bests.
The award is named in honor of Lute Olson who won 780 games in 34 seasons as a head coach. He spent 24 years with Arizona, where he led the Wildcats to 11 Pac-10 titles, 23 consecutive NCAA Tournament berths, four Final Four appearances and a National Championship in 1997.
Briscoe and the Wildcats begin the regular season on Friday at Rupp Arena against Stephen F. Austin. Tipoff is slated for 7 p.m. ET on the SEC Network.