We should only include players who make it to All-Americans or win some sort of nationally recognized award.
I like the criteria that another school who has been playing football way longer than us uses:
Criteria to Merit Consideration
Heisman Trophy Winners
All-Americans Inducted into either the collegiate or NFL Hall of Fame for Accomplishments as Players
All-Americans Who Are NFL Career Category Leaders
Coaches with multiple conference championships
Players with 2 or more consensus All-American honors (AP, Walter Camp, Sporting News, AFCA, FWAA, UPI)
Players who have been named National Offensive/Defensive Players of Year (AP, Walter Camp, Sporting News, ABC, AFCA, FWAA, UPI)
Obviously LRS deserves recognition as well.
Only LRS and George Selvie deserve a Ring of Honor recognition imo for now. We cannot just give this prize out like its nothing; otherwise it loses its value. Tradition doesn't get built overnight.