The outage performance of a multiuser two-way amplify-and-forward (AF) relaying network, where N-th best selection scheme with the consideration to the feedback delay, is investigated. Specifically, the new closed-form expressions for cumulative distribution function (CDF) and outage probability (OP) are presented over time varying Rayleigh-fading channels. Furthermore, simple approximate OP is derived assessing the high signal-to-noise-ratio (SNR), which identifies the diversity behavior. Numerical results show excellent agreement with theoretical results.