The teenager was found to be in possession of an Oregon Ducks shoe that was among the items stolen from Frost's home last month, the Lincoln Journal-Star reported Thursday.
Lincoln police told the newspaper that there come be arrests to come.
About $50,000 worth of memorabilia, including shoes, football helmets and artwork, were taken in the July 2i burglary of Frost's unoccupied home in Lincoln.
Initial reports listed 14 championship rings among the stolen items, but those were later found.
After coaching UCF to an undefeated season in 2017, the 43-year-old Frost returned to his alma mater in December to become the Cornhuskers' head coach.
He spent seven years as an assistant coach at Oregon before taking over at UCF two years ago.
Frost and his wife have an 8-month-old son, but the family has not yet moved into the home located in northwest Lincoln.