In 1942 he was named by "Collier's Weekly" as its "Lineman of the Year" and by Grantland Rice as "Player of the Year." Olds was also selected as an All-American as the cadets compiled a 6–3 record, beating Lafayette College, Cornell, Columbia, Harvard, VMI, and Princeton, and falling to Notre Dame, Penn, and Navy. In the Army–Navy Game of 1942, which was played at Annapolis instead of Philadelphia, Olds had both upper front teeth knocked out when he received a forearm blow to the mouth while making a tackle. Olds returned to the game and reportedly was cheered by the Navy Third and Fourth Classes, which were assigned as the Army cheering section when wartime travel restrictions prevented the Corps of Cadets from attending. In 1985 Olds was enshrined in the College Football Hall of Fame.