Each year, numerous publications and organizations release lists of All-America teams, hypothetical rosters of players considered the best in the nation at their respective positions. Some selecting organizations choose more than one roster of All-Americans, in which case they use the terms "first team", "second team", and "third team" as appropriate.College Sports Information Directors of America awards similar All-American honors with a focus on academic achievements.
The National Collegiate Athletic Association, a college sports governing body, uses officially recognized All-America selectors to determine the "consensus" selections. These are based on a point system in which a player is awarded three points for every selector that names him to the first team, two points for the second team, and one point for the third team. The individual who receives the most points at his position is called a consensus All-American. Over time, the sources used to determine the consensus selections have changed, and since 2002, the NCAA has used five selectors, the Associated Press (AP), American Football Coaches Association (AFCA), Football Writers Association of America (FWAA), The Sporting News (TSN), and the Walter Camp Football Foundation (WCFF), to determine consensus All-Americans.
Three Red Raider football players have had their jersey numbers retired. E.J. Holub's No. 55 was retired on Dec. 19, 1960, and Donny Anderson's No. 44 was retired Nov. 11, 1995. Dave Parks's No. 81 jersey was retired Nov. 17, 2001. Both Holub and Anderson are members of the College Football Hall of Fame.
Texas Tech announced the creation of the Football Ring of Honor in June 2012. The Ring of Honor consists of an "elite group of players and coaches that made outstanding contributions to Red Raider Football." Each player in the ring of honor has his name permanently added to the interior of the stadium on the West building.