Peter Falk comes up to the microphone and, completely in character as the detective, is a hoot for about eight minutes. Given that it's in character, there's nothing even remotely that he says that would be seen as roasting, but merely pure Columbo as he rambles almost oblivious to the occasion. This is something that could have gone so far off the rails and been wildly unfunny. But the writers and Falk had the good sense to largely veer away from really being specific and detailed to the event, but rather just let Columbo be Columbo and pretty much stay in his own oblivious world, only touching on the festivities.
It's worth nothing that Falk and Sinatra made at least one movie together that I'm aware of, the musical Robin and the Seven Hoods. Notable too here are the impressive people on the dais.
The video runs out before the end, but I found a video that concludes the speech, so I'll post both of them.
There's a bit of overlap between the two videos, so you can jump to the 40-second mark and skip past the repeated material