- IUB Athletics Hall of Fame (2003)
Cheaney is the most prolific scorer in Big Ten Conference and Indiana basketball history (2.613 points). The only four-time team MVP in Hoosier history, Cheaney was a three-time all-league selection as well as the 1993 Big Ten MVP and Wooden Award as national collegiate player of the year. From 1991-93, Indiana spent 51 weeks ranked among the nation's top 10 and 38 in the top five. One of three players in school history to lead the Hoosiers in scoring four straight years (Steve Alford and Don Schlundt are the others), Cheaney scored at least 30 points in 13 different games during his Hoosier career. Cheaney is also one of only three players in school history to earn All-American honors three times in his career (Schlundt and Kent Benson are the others) and was the sixth pick of the 1993 NBA Draft by Washington.