- IUB Athletics Hall of Fame (1990)
- Z.G. Clevenger Award (1988)
Lou Watson was captain of the IU basketball team in 1950, was named most valuable player in 1949 and 1950, and made the All-Big Ten team twice. He received his bachelor's degree in 1950 and a master's in 1952. Following tenure as freshman and assistant varsity basketball coach, Watson served as head basketball coach from 1965-1971. He then served as associate athletic director of facilities until his retirement in 1987.