Olsen, who made three straight Pro Bowls from 2014-16, appeared in just seven games last season after battling foot injuries.
The NFL awards belonged to the Los Angeles Rams and New Orleans Saints, as well as Tom Brady.
Tom Brady racked up his third MVP award Saturday, but the Saints and Rams tallied clean sweeps of their own.
Watt raised more than $37 million in less than three weeks to aid the relief efforts in Houston following Hurricane Harvey.
Following his fundraising efforts after Hurricane Harvey, J.J. Watt has been named as a Walter Payton Man of the Year award finalist.
This year's winner will be revealed during the NFL Honors show the night before Super Bowl 52.
Drew Brees helped the New Orleans Saints past the Carolina Panthers in the NFC wildcard game.
Olsen, who had been out since Week 2, made his return Sunday, but left the team's win over the Jets after halftime and did not return.
The Eagles, Patriots and Steelers are riding win streaks, but the Chiefs lost their third straight and the Browns are still winless.