The quiz show features teams of college students from 12 schools going head-to-head in a bracketed tournament, with the champions awarded "life-changing scholarships".
"I've always loved intense college competition, so I'm thrilled to be part of the team bringing back College Bowl," Manning said. "Having personally seen the profound impact scholarships can make on deserving students, I can't wait for the moment when we get to award life-changing scholarships to the winning team."
The show originally aired over the radio in the 1950s before transitioning to television on CBS and later NBC.
NFL broadcasters have long sought after Manning to hop into the booth as an analyst for prime-time football games. NBC seems to have won that battle for now, albeit for a much different competition.
Manning's brothers, Eli and Cooper, will be two of the executive producers for the show along with Richard Reid (via Richard Reid Productions) and Mark Itkin (Tough Lamb Media).