The focus on the statues is on the Hoosiers' overall accomplishments rather than individuals.
The NCAA said Wednesday that the Division I Council could introduce legislation as early as January.
Indiana State University officials are hoping to use a $37.5 million state appropriation meant for a convention center project to renovate its basketball arena.
The new precautions include banning most bags and seat cushions, allowing fans to bring belongings in a clear bag instead.
The 6-foot-10 Bryant averaged 12.6 points and 6.6 rebounds last season for the Indiana Hoosiers.
Purdue All-American Caleb Swanigan was also selected and is the highest pick of a Purdue player since 1994.
The moves comes less than two weeks after Archie Miller was named coach.
Archie Miller has spent the past six seasons as the coach at Dayton.
Although Indiana University fired Tom Crean this week, a $4 million buyout means he'll still be the highest paid state employee.
The Yellow Jackets knocked out IU in the first round of the National Invitation Tournament with a 75-63 win.