The Rice Lake High School gymnasium was dedicated in his honor on December 11, 1992. He was one of 15 charter members in the Naismith Basketball Hall of Fame in 1959, being inducted posthumously, 6 years after his death. He was voted All Big Ten twice as a player and earned the Collegiate Coach of the Year honor in 1945. Olsen was a basketball and football standout at RLHS before attending college at UW-Madison. His coaching career began at Ripon College where his teams won 3 consecutive titles between 1919-21. He coached at Ohio State, winning 5 Big Ten titles. His teams went to the Final Four NCAA Tournament in both 1944 and 1946. In 1946, Olsen coached the professional basketball “Chicago Stags” for 3 years. He then returned to the Big Ten in 1949 rebuilding Northwestern University until his death in 1953.