A model predictive control (MPC) module: identifies sets of possible target values based on an engine torque request; determines predicted operating parameters for the sets of possible target values, respectively; determines cost values for the sets of possible target values, respectively; selects one of the sets of possible target values based on the cost values; and sets target values based on the possible target values of the selected one of the sets. An actuator module controls an engine actuator based on one of the target values. A fault diagnostic module selectively diagnoses a fault in the MPC module.