The two Hall of Famers are the winningest coaches in women's and men's college basketball.
Tennessee's Summitt announced in August that she had been diagnosed with early onset dementia, Alzheimer's type, but pledged to continue coaching and show others that they can live their lives with the disease. She earned her 1,075th career victory Sunday.
Duke's Krzyzewski passed mentor Bob Knight on Nov. 15 when he won his 903rd game.
The magazine said Monday they joined UCLA's John Wooden in 1972 and North Carolina's Dean Smith in 1997 as the only college basketball coaches to receive the honor.