UNC has two standards.
"Retired" jerseys must...
AP NPOTY, Naismith NPOTY, Wooden Award, Sporting News NPOTY, Oscar Robertson Trophy
You essentially need to win national player of the year from a reputable source. Iowa State doesn't have anybody like that. But they do have a standard for "honored" jerseys...
Member of gold medal Olympic team
MVP (as voted by his teammates) of a national title team
First/second-team all-American
ACC POTY
NCAA tournament MVP
By that standard the list of guys in the rafters should be...
Waldo Wegner (second-team AA)
Gary Thompson (second-team AA, Big Eight POTY)
Zaid Abdul-Aziz (Big Eight POTY)
Jeff Grayer (second-team AA)
Marcus Fizer (first-team AA, Big 12 POTY)
Jamaal Tinsley (second-team AA, Big 12 POTY)
Melvin Ejim (second-team AA, B12 POTY)
Georges Niang (second-team AA)
Current jerseys in the rafter who would not qualify...
Jeff Hornacek (HM AA)
Fred Hoiberg (HM AA)
Barry Stevens (HM AA)
Neither would Monté Morris (third-team AA)
Couple other HM guys not otherwise mentioned...
Jack Flemming (third-team AA)
Dean Uthoff (HM AA)
Andrew Parker (HM AA)
Dedric Willoughby (HM AA)
Curtis Stinson (HM AA)
Craig Brackins (HM AA)
Royce White (HM AA)
DeAndre Kane (third-team AA)