During his senior season in 1989–90, Payton was featured in the cover story of Sports Illustrated on March 5 as the nation's best college basketball player. He was a consensus All-American, a three-time All-Pac-10 selection, and both the Pac-10 Defensive Player of the Year and conference Freshman of the Year in 1987. He was the MVP of the Far West Classic tournament three times, the Pac-10 Player of the Week nine times, and named to the Pac-10's All-Decade Team. At the time of his graduation, Payton held the school record for points, field goals, three-point field goals, assists, and steals – all of which he still holds today except for career points and three-point field goals. During his career at OSU, the Beavers made three NCAA tournament appearances and one NIT appearance. He was elected into OSU's Sports Hall of Fame in 1996.