I'm quite enjoying the Mount Rushmore's by position and when I've found the time, it's sent me on an exploration of past greats, many of whom I'm unaware. Using wikipedia as a source is not ideal, but I found the following through what they have listed for All-Big Ten teams:
'60s and '70s
Bill Light's got to be on the team-both in 1970 and 71 was first team media, second team coaches
Noel Jenke is a strong contender too-'67, coaches 2nd team, '68 first team media, second team coaches. Also was a letter winner in baseball and hockey, and a first round MLB baseball pick, played four seasons in the NFL.
'80s
While there were some awfully lean years, it was a pretty strong run for linebackers back then.
Jim Fahnhorst was a first team coaches and media choice in '81. Went on to play several years in the NFL and started for the 49ers at times during their Super Bowl runs.
Pete Najarian is the other shoo-in with Light. Three straight years on 2nd team coaches, two years on media all big ten. Some linebacking legends in the Big Ten (Spielman, Larry Station, Mike Mallory, Pepper Johnson) kept him from first team.
After Najarian left, Bruce Holmes was second team in both coaches and media in '86 and Jon Leverenz followed in '87 as first team media, second team coaches. And while he never received Big Ten honors, Mark Dusbabek was a 4th round draft pick in the '87 draft (and a favorite of my childhood, for what it's worth).
'00s
Sean Hoffman was 2nd team coaches in 2000.
'10s
Damien Wilson, 1st team media, 2nd team coaches in '14
Other notables through the years:
Thomas Barber, Joe Pung, Gary Reierson, Ollie Bakken
Looking all this over, I think I'd go:
Light
Najarian
Fahnhorst
Jenke
Interesting about the standout linebackers through time is how local they've been. Here's where these guys hailed from:
Light-Hopkins
Jenke-Owatonna
Bakken-St Paul (Harding)
Fahnhorst-St. Cloud (Tech)
Najarian-Minneapolis (Central)
Pung-Paynesville
Reierson-Edina
Dusbabek-Faribault
Barber-Plymouth
Parc Williams-Zumbrota
Cashman-Eden Prairie