I do think it would make sense to have a ring of honor where important players could be honored without a full jersey retirement.
If I were to come up with a formula for getting a jersey retired/ring of honor induction, these would be the criteria. Each would have a slightly different weight, and they wouldn't have to hit all of them, but some combination of this....
Top Tier:
NCAA Tournament appearance, All American, Conference POY, Regular Season MVC Champ, all time ISU leader in a major statistical category.
Rest Of The Components:
First Team All-MVC, top 15-20 all time ISU in a major statistical category, NBA appearance, multiple years of 2nd or 3rd team All-MVC, fan favorite, memorable moments, MVC All Tournament Team, lead the conference in a major statistical category in a season, deep NIT run, on a successful ISU program, post-playing career with ISU, number of years played at ISU, importance to the ISU team they were on.
I know people can get hung up on how long a player plays at ISU, but again it's a sliding scale. Say someone only comes here for a year, but wins MVC POY, wins Arch Madness, gets us to the Sweet 16, leads the Valley in points per game, big fan favorite, and hit 2-3 game winning shots in that run? They pass the test in my book.
Long winded way of saying if we win Arch Madness in 2024, I think it'd be really hard to not take a look at 21 in the rafters. Also why I think some of the players on the 2000 and 2001 teams should get more of a look.