At the same time the Henson Award was established, CollegeInsider.com also created the Lou Henson All-America Team, consisting of the 30 players that its selection committee deems to be the top Division I mid-major players. Unlike most other All-America teams in basketball and other sports, the Henson All-America Team is not divided into different grades (e.g., first team, second team, third team, honorable mention)—all players are treated equally as All-Americans.
Starting with the 2011–12 season, the number of Henson All-Americans was reduced to 25. This coincided with the decision of CollegeInsider.com to establish a Lute Olson All-America Team in conjunction with its Lute Olson Award for the top player who has played at least two years at his current school. The Olson All-America Team also has 25 members; unlike the Olson or Henson Awards, the team is open to all players regardless of their year of attendance or conference affiliation. Players on the Olson All-America team, even if they come from mid-major schools, are not eligible for the Henson Award.
Definitions of the term "mid-major" in the context of college basketball vary widely. For purposes of both the Henson All-America Team and Henson Award, CollegeInsider.com has established its own definition of the term, which includes the following conferences, as well as any basketball independents (the only such school is currently NJIT):