- IUB Athletics Hall of Fame (2015)
Herm Schaefer won basketball letters in 1939, 1940 and 1941. He was a member of the 1940 NCAA championship team and led the Hoosiers in scoring in the NCAA Tournament with 31 points. Schaefer was captain of the 1941 team and was named a member of the Herald American All-American team that same year. He was the first player and coach in Detroit Pistons franchise history, as well as the first captain in Los Angeles Lakers history. Schaefer played on six world championship teams and was the first player to win both an NCAA and NBA championship.