Is it arbitrary or is there a process in place? I remember when they retired Dwyane Wade it was a big deal because he hadn't graduated, despite some (maybe even Crean a few years earlier) saying they wouldn't retire anyone who had not graduated.
My bigger question: Is it based on what the athlete accomplished at MU, what they accomplished after MU, or some combination of the two? And if it is a combination, then what percentage do you divide them?
Take the case of Jimmy Butler, and assume his career continues on its current trajectory. In the next five years, he might be an NBA All-Star five times, and win an NBA Championship and be named NBA Finals MVP. Would that be enough to retire his jersey? It's clearly not solely based on MU performance, otherwise Jerel McNeal as the all-time leading scorer would be considered. He's not even on the radar. But what if he had led MU to two Final Fours, with the exact same stats. Then you'd think he would be on the radar. But then you're also saying NCAA tournament performance plays a large role in jersey retirement. So who decides this stuff?