Two species in Illinois are called Old Man of the Woods: Strobilomyces strobilaceus (syn. S. floccuopus) and Strobilomyces confusus. They are nearly identical and both are edible, no taste to speak of, but a pleasant texture.
This is a somewhat common mushroom that is very easy to identify since nothing else looks like it. The flesh when cut turns salmon pink. This specimen was found growing alone beneath some Post Oak and Shagbark Hickory. The cap was 4.3 cm across and the stem was about 3.5 cm long.