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I just checked my 40L version and you ~~can't~~ tuck it away. However the entire back goes behind a flap to turn itself into a duffle bag. This may only be for the 40L version seeing what other people are commenting.
Osprey Farpoint 40 Travel Backpack, Charcoal, Medium/Large [link]
Edit: turns out you can tuck it away. Didn't realize that.
Hello my fellow field engineer. Thanks for the input, that does look like a pretty nice backpack. I ended up ordering an Osprey Farpoint 40 on the idea that the waist strap would help distribute the load much better, but will keep that Chrome backpack in mind if this one doesn't work out. Be safe out there. :)
I used my Osprey Farpoint 40 with Ryanair and other cheap airlines in Europe. Never a problem.