The former 15th overall selection of the Canadiens joins a special list of players who've previously claimed the honor, including Neal Broten (1981), Paul Kariya (1993), Brendan Morrison (1997), Chris Drury (1998), Ryan Miller (2001), Johnny Gaudreau (2014), Jack Eichel (2015) and Cale Makar (2019).
Caufield is just the second member of the Badgers to win the Hobey Baker Award.
Blake Geoffrion, who played 13 games for Montreal during his NHL career, secured the coveted trophy in 2010.