At the end of the 1940 season, Harmon won numerous awards, including:
- On November 25, 1940, the Maxwell Memorial Club announced that Harmon had been chosen as the winner of the Maxwell Award as "the nation's No. 1 football player for 1940".
- On November 28, 1940, Harmon was announced as the winner of the Heisman Trophy as the country's outstanding college football player with a record count of 1,303 votes.
- On December 10, 1940, Harmon was named the male athlete of the year across all sports in annual polling of sports experts conducted by the Associated Press. Harmon received 147 points in the poll, nearly tripling the points received by runner-up Hank Greenberg.
- Harmon was also a unanimous All-American, receiving first-team honors from the All-America Board, the Associated Press, Collier's Weekly, the International News Service, Liberty magazine, the Newspaper Enterprise Association, Newsweek, the Sporting News, and the United Press.
- In mid-December 1940, Harmon was unanimously selected as the most valuable player in the Big Ten Conference.
- Harmon and backfield teammate Forest Evashevski, described as Michigan's "two-man gang", were both selected by conference coaches for the third consecutive year as first-team players on the Associated Press All-Big Ten Conference team.
Career statistics and legacy
In his three seasons at Michigan, Harmon rushed for 2,151 yards on 399 carries, completed 101 of 233 passes for 1,396 yards and 16 touchdowns, and scored 237 points. During his career, he played all 60 minutes eight times. Harmon also scored 33 touchdowns, breaking Red Grange's collegiate record of 31 touchdowns. He led the nation in scoring in both 1939 and 1940 (a feat that remains unmatched). His career average of 9.9 points per game stood as an NCAA record for ten seasons.
Harmon was inducted into the College Football Hall of Fame in 1954, the Michigan Sports Hall of Fame in 1962, the Indiana Football Hall of Fame in 1974, and the University of Michigan Athletic Hall of Honor (as one of five inaugural inductees) in 1978. In 2007, Harmon was ranked 16th on ESPN's Top 25 Players in College Football list. Harmon was also ranked fifth on the Big Ten Network's program "Big Ten Icons", honoring the greatest athletes in the Big Ten Conference's history.
In November 1940, Michigan's equipment manager announced that Harmon's jersey number, 98, would be retired when Harmon played his last game. About 73 years later, Michigan un-retired Harmon's jersey as part of its Michigan Football Legends program. During a ceremony in September 2013, Harmon was honored as a Michigan Football Legend, and Devin Gardner was chosen as the first Michigan player since 1940 to wear the jersey.