Woodson, 41, helped lead the Wolverines to their 1997 co-national championship, earning first-team All-American Big Ten Defensive Player of the Year honors while claiming the prestigious Heisman Trophy.
The announcement was made by the National Football Foundation on ESPN's Sunday NFL Countdown, which features Woodson as an analyst.
Reed, a two-time first team All-American in his college career at Miami from 1998 to 2001, was one of 10 players and three coaches to be announced as part of the 2018 College Football Hall of Fame class. Their accomplishments will be forever immortalized at the College Football Hall of Fame in Atlanta. Taylor becomes the 18th Nebraska player to earn induction into the College Hall of Fame and gives NU 24 overall members of the Hall including six coaches.
The 2018 class will be enshrined at the 61st annual NFF Awards Dinner on December 4 at the New York Hilton Midtown hotel.
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Nebraska went 49-2 during Taylor's tenure and retired his No. 67 jersey after his departure.
Dickenson was inducted into the CFL Hall of Fame in 2015 and was named the league's coach of the year in 2016. Brown went 244-122 in a 30-year coaching career that includes 16 seasons and the 2005 national championship with the Longhorns.
Frank Beamer and Matt Stinchcomb will join Mack Brown in participating in the coin toss on the field during the championship game.
Others of note on the list were receiver Calvin Johnson of Georgia Tech, quarterback Kerry Collins of Penn State, defensive back Ed Reed of Miami and tailback Paul Palmer of Temple.