The person spoke Saturday on condition of anonymity because the 12-to-18 member panel being put together by conference commissioners has not been finalized.
ESPN first reported Willingham would be on the committee, and that Osborne would also be a member.
"I can't say anything. I don't think there's been anything determined," Osborne told the Lincoln (Neb.) Journal Star after the Conrhuskers' 39-19 victory against Illinois at home Saturday.
BCS executive director Bill Hancock has declined to comment on the committee until it is finalized.
Osborne is one of the most successful coaches in college football history. He won 255 games and three national championships in 25 seasons leading Nebraska. He also was Nebraska athletic director for three years before retiring on Jan. 1.
Willingham went from Stanford to Notre Dame to Washington as head coach from 1995-2005. He had a record of 76-88-1.
With Willingham and Osborne, the number of committee members would be 13.
Other expected members that have been previously reported are:
— Former Secretary of State Condoleezza Rice.
—Retired Lt. Gen. Michael Gould, the former superintendent of the Air Force Academy.
—Former NCAA vice president Tom Jernstedt.
—Former Mississippi and New Orleans Saints quarterback Archie Manning.
—Former Big East Commissioner Mike Trangehese
—Arkansas athletic director Jeff Long.
—West Virginia athletic director Oliver Luck.
—Clemson athletic director Dan Radakovich.
—Southern California athletic director Pat Haden.
—Wisconsin athletic director Barry Alvarez.
—Former USA Today college sports writer Steve Wieberg.
The committee could be officially announced by Nov. 11 when the conference commissioners meet in Washington.
Follow Ralph D. Russo at www.twitter.com/RalphDrussoAP