The two friends and artists were recognised for their "dedication, integrity and creativity" to the CMA organisation during a ceremony in Nashville, Tennessee on Monday (06Jun16).
Carrie and Brad have been teaming up to co-host the annual CMA Awards for the past few years, and they will return for their ninth joint presenting gig in November (16).
Paisley admits taking charge of the prizegiving is always an exciting time for the pair as they really do their best to deliver a great show.
He admits they always ask themselves, "Did we tear the room apart? Did they go nuts?" after each show, adding, "I know that we really want that to be something that, at the end of the year, you point to as something that was something done right. It's good for country music. I love it when somebody says, 'You guys did as well as anyone on TV as far as that kind of role'."
The pair's Chairman's Award prize comes just weeks after it was announced Brad and Carrie would be returning to co-host the 2016 ceremony.
"So excited I am returning to host The 50th Annual CMA Awards w/ (with) Brad Paisley Nov. 2 on @abcnetwork! #CMAawards50," Underwood, 33, captioned an Instagram photo of herself and Paisley.
The Celebrity singer added: "Last year they let me pull my pants down on national tv, wonder what they will let me do this year, Carrie?"
The old friends have become known for their funny opening monologues and segments over the years, but nothing will top 2014's event, when Paisley accidentally let it slip the then-pregnant beauty's first child would be a boy - news she ended up confirming live onstage.
With the passing of each decade, the music industry is constantly set alight by the...