Colbert will be recognized with the tongue-in-cheek "Person of the Year" award, which recognizes a person whom the Festival feels "is the most important contributor to life in America in the past year, having exhibited such great accomplishment that they have affected or made history," said HBO, a festival sponsor, in a news release.
Colbert, an Emmy Award-winning comedian, actor and writer, said he was humbled by the festival's efforts to "bring joy to the wealthy."
Blake, director of hits such as "S.O.B.," "10," "Breakfast at Tiffany's" and several Pink Panther movies, will be honored by the USCAF Filmmaker Tribute.
The first Pinnacle Award will be presented to Don Rickles to honor his achievements in comedy for more than 50 years, organizers said.
The festival is scheduled to run Feb. 28-March 4.
2014: The Year in Music [PHOTOS]