Personally, I'd like to see the honor reserved for members of the OSU "family": alumni, faculty, or people who have contributed significantly to the university.
I respect what Buster Douglas accomplished, but I don't think he qualifies as part of the OSU family. And if we acknowledge that allowing him to dot the i was a mistake, then there's no reason to use his experience as justification to make the mistake again. (This is sort of like the baseball hall of fame, where people argue, "well, if Sidney Single is in the hall, then Dudley Double should be in"; when, in fact, the bar should be set at Henry Homer.)
It is, however, probably only a matter of time until the university designates the 3x3 square, where the dot goes, as a "parking space", and sells CampusParc a 50-year lease to determine who gets to "park" there on football Saturdays.