Saban guided the No. 1-ranked Crimson Tide to a 13-0 record and the top seed in the upcoming College Football Playoff semifinals.
Defending national champion Alabama will play fourth-seeded Oklahoma (12-1) in the Orange Bowl on Dec. 29. The Crimson Tide is the only school to advance to the College Football Playoff in all five years.
Saban also won the Walter Camp honor in 2008 and joined Bob Stoops (2000, 2003), Gary Patterson (2009, 2014) and Joe Paterno (1972, 1994, 2005) as the only two-time winners of the award.
Crimson Tide quarterback Tua Tagovailoa was named the Walter Camp Player of the Year earlier this month.
The Crimson Tide has won five national championships in the past nine seasons under Saban, who also won a national title with Louisiana State in 2003.
Saban has guided the Crimson Tide to at least 13 victories in half of his 12 seasons since he left the Miami Dolphins to take over at Alabama in 2007.
After going 7-6 in his first season with the Tide, Saban has directed the program to double-digit wins in each of the past 11 seasons.
Saban has amassed a staggering 145-20 record at Alabama, including a 10-4 record in postseason games.
In 23 seasons as a college coach, Saban is 236-62-1 at Alabama, LSU, Michigan State and Toledo. His six national championships are tied with the legendary Bear Bryant for the most on the all-time list.