Maybe someone else knows how the Gopher Hall of Fame works, but here's how UNC does it.
http://www.carolinaball.com/tradition.php
RETIRED NUMBERS
In order to have his number retired by the University, a player must be voted National Player of the Year during his tenure at UNC. There are currently seven jerseys hanging on the east ceiling of the Smith Center which honor this achievement...
NNO Jack Cobb ('26)
# 20 George Glamack ('41)
# 10 Lennie Rosenbluth ('57)
# 12 Phil Ford ('78)
# 52 James Worthy ('83)
# 23 Michael Jordan ('85)
# 33 Antawn Jamison ('99)
RETIRED JERSEYS
In 1994 the university adopted a plan to honor all former players who were either voted MVP of a national championship team, recieved a gold medal in Olympic basketball competition, or recieved All-American honors while at UNC. These jerseys hang in the middle rows of the east ceiling...
# 8 Jim Jordan ('46)
# 13 John Dillon ('48)
# 35 Pete Brennan ('58)
# 12 Lee Shaffer ('60)
# 22 York Larese ('61)
# 35 Doug Moe ('61)
# 11 Larry Brown ('63)
# 22 Bobby Lewis ('67)
# 31 Bill Chamberlain ('72)
# 44 Dennis Wuycik ('72)
# 35 Robert McAdoo ('73)
# 34 Bobby Jones ('74)
# 21 Mitch Kupchak ('76)
# 24 Walter Davis ('77)
# 45 Tommy LaGarde ('77)
# 30 Al Wood ('81)
# 42 Brad Daugherty ('86)
# 34 J.R. Reid ('90)
# 34 George Lynch ('93)
# 00 Eric Montross ('94)
# 30 Rasheed Wallace
# 42 Jerry Stackhouse ('99)
HONORED JERSEYS
Origionally there were seven players honored for outstanding achievement while at UNC. This list includs one National Player of the Year and six two-time fist-team All-Americans. These men's jerseys now hang on the back row of the east ceiling...
NNO Billy Cunningham ('65)
# 32 Larry Miller ('68)
# 44 Charlie Scott ('70)
# 33 Mike O' Koren ('80)
# 31 Sam Perkins ('84)
# 30 Kenny Smith ('87)