The schools played in last year's NCAA Tournament title game in Atlanta, with Florida winning 84-75.
It was the first time since 1980 that the the two NCAA finalists failed to qualify for the tournament field the following season.
"We're extremely happy with the opportunity we have to continue our season in the NIT, said Florida Coach Billy Donovan. "We look forward to continuing to develop and grow as a team."
Ohio State will play at home against North Carolina-Asheville Tuesday and Florida is home to San Diego State Wednesday in their NIT openers.
Other schools receiving NIT bids included Maryland, Syracuse, Arizona State and Virginia Tech.
All first- and second-round games are played at home sites with the semifinal and tournament title games played at New York's Madison Square Garden April 1 and 3.