Taylor was a two-time All-American at NU - and first player in school history to be selected at two different positions - and won the Outland in 1997, when he was a senior captain. Their accomplishments will be forever immortalized at the College Football Hall of Fame in Atlanta.
The 2018 inductees were announced Monday by the National Football Foundation and College Hall of Fame.
Other notable names who are part of the College Football Hall of Fame Class of 2018 include: Virginia Tech head coach Frank Beamer, Georgia Tech wide receiver Calvin Johnson, Miami safety Ed Reed and MI cornerback Charles Woodson.
The 2018 College Football Hall of Fame Class will be officially inducted at the 61st NFF Annual Awards Dinner on December 4, 2018, at the New York Hilton Midtown.
Woodson recorded 18 interceptions during his three-year stint at MI, and was drafted fourth overall by the Oakland Raiders during the 1998 NFL Draft.
Taylor was a key member of the Huskers' dominate run under Tom Osborne that ended with national titles in 1994-95 and 1997.
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That year, Reed helped guide Miami to a national championship with a 37-14 Rose Bowl victory over Nebraska.
The Wichitan was a seventh-round draft pick by Indianapolis in 1998 and retired from professional football after spending time with the Colts and the Chicago Bears that season.
Texas' Mack Brown and Virginia Tech's Frank Beamer were among the notable honorees.
Beamer led Virginia Tech for almost three decades, winning 280 games in his coaching career, which ranks sixth in FBS history.
A star in the National Football League with Oakland and Green Bay, Woodson will be the 31st MI player inducted into the Hall of Fame.