The prestigious "Doak Walker Award" was created in 1989 to recognize the nation's premier running back for accomplishments on the field, in the classroom, and in the community. It is the only major collegiate football award that requires all candidates to be in good academic standing and on schedule to graduate within one year of other students of the same classification.

The "PricewaterhouseCoopers Doak Walker Legends Award" was created in 1998 as a tribute to former SMU All-American and 1948 Heisman Trophy winner Doak Walker. The award recognizes former collegiate football players whose extraordinary football careers have been bolstered by an exemplary record of leadership in the community.

SMU running back Ewell "Doak" Walker epitomized leadership, sportsmanship, and academic and athletic achievement during his collegiate football career in the late 1940s. The versatile Walker, who also punted, returned punts and kickoffs, and kicked extra points, earned All-America honors in 1947, 1948 and 1949. In 1948, Walker won the Heisman Trophy. His jersey number 37 was the sole number in the history of SMU athletics to be retired.

"The Doaker" was a national phenomenon, gracing the covers of numerous national magazines. After completing college, he went on to play for the Detroit Lions, where he was the league-scoring champion with 128 points during his rookie season in 1950. During his six years with the Lions, he led the team to NFL Championships in 1952 and 1953 and was named All-Pro four times. He was inducted into the College Football Hall of Fame in 1959 and the NFL Pro Football Hall of Fame in 1986. On September 27, 1998, 50 years to the day after appearing on the cover of Life Magazine, Walker passed away due to complications from a skiing accident.

Sculptor Blair Buswell also completed the 9' H "Doak Walker" Monument, which is located in the Doak Walker Plaza at the northeast corner of Gerald J. Ford Stadium on the campus of Southern Methodist University.