Farrell is the second Steel player to earn the honor, joining Andrew Miller who won the award in 2009.
Farrell led the USHL with 72 assists and 101 points in 53 regular-season games during the 2020-21 season. He's the second player in USHL history to reach 100 points in a single season, joining Lincoln Stars forward Kevin Roy who had 104 points in 2011-12.
The Hopkinton, Mass. native also set the USHL single-season point streak mark at 24 games from Nov. 25, 2020 through Feb. 11, 2021. He scored 40 points (15 goals, 25 assists) during his point streak.
Farrell, who was selected in the fourth round (No. 124 overall) in the 2020 NHL Draft by the Montreal Canadiens, will head to Harvard University next season.