The concept of retiring the jerseys of outstanding Jayhawk men's basketball players was initiated prior to the 1991-92 season when banners honoring Clyde Lovellette, Danny Manning, B.H. Born, Charlie Black, Paul Endacott, Wilt Chamberlain and Charlie Black were unveiled in the south end of Allen Fieldhouse.
The original criteria for a retired jersey included KU players named college basketball player of the year, most valuable player of the NCAA Tournament or being named a four-time All-American. The list was expanded in 1997 to include Ray Evans, who holds the distinction of being an All-American in both football and basketball.
The criteria was expanded prior to the 2002-03 season to include consensus first-team All-Americans, two-time first-team All-America selections and Academic All-American of the Year.