He played college football for the Nebraska Cornhuskers and was selected by the Baltimore Colts in the third round of the 1973 NFL draft with the 61st overall pick.
Olds graduated from high school in 1969 and played college football for the Nebraska Cornhuskers under head coach Bob Devaney, with future head coach Tom Osborne as offensive coordinator.
He was the fullback in the I formation, the lead blocker for tailbacks Jeff Kinney and Johnny Rodgers, the 1972 Heisman Trophy winner.
Nebraska won national championships in 1970 and 1971, and a third straight Orange Bowl following the 1972 season to finish at fourth in the AP poll.
This biographical article relating to an American football running back born in the 1950s is a stub.