Summitt has coached the Tennessee's Lady Volunteers since the 1974-75 season. Her 1,071-win total is the highest in college basketball. Tennessee has won eight NCAA championships with Summitt as coach.
Krzyzewski coached at Army for five seasons before taking over the Duke program in 1980-81. He has 907 victories and this year passed Bob Knight for the most wins by a men's basketball coach. The Blue Devils have won four NCAA titles with Krzyzewski.
"The voices of those who have been inspired by Pat Summitt and Mike Krzyzewski echo from everywhere and will continue for decades," said Time Inc. Sports Group Editor Terry McDonell in making the announcement Monday.
"What they have achieved through their coaching and, more importantly, their teaching places them among history's transcendent figures. It is an honor to now include them in the select group of Sportsmen and Sportswomen."
The only other college basketball coaches selected as the magazine's Sportsman of the Year were UCLA's John Wooden, who shared the honor with tennis player Billie Jean King in 1972, and North Carolina's Dean Smith in 1997.
Sports Illustrated said the award is given under this principle: "While the victory may have been his or hers, it is not for the victory alone that he or she is honored. Rather, it is for the quality of their effort and manner of their striving."