Woodson is the only player who played primarily on defense to win the Heisman Trophy when the cornerback won the award and later helped the Wolverines win a share of the national championship.
Beamer will be joined in the class by former North Carolina and Texas coach Mack Brown and former MI standout Charles Woodson, who won the Heisman Trophy.
The announcement of the 2018 Class was made Monday live on ESPN's SportsCenter in Atlanta, the site of the College Football Playoff (CFP) National Championship, which will be played Monday night at Mercedes-Benz Stadium between Alabama and Georgia. His 21 career interceptions and 389 interception return yards still stand as Miami and Big East records.
Brown, 66, is one of 13 that will be inducted in the 2018 class.
Taylor led Nebraska to three undefeated seasons that ended in national championships.
He now resides in Atlanta where he is a partner with SterlingSeacrest Partners, an insurance and risk management company, and also works as a television football game analyst with the SEC Network and ESPN.
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Taylor was selected in the seventh round of the 1998 NFL Draft by the Indianapolis Colts, splitting the season between the Colts and Chicago Bears.
Dickenson was inducted into the CFL Hall of Fame in 2015 and was named the league's coach of the year in 2016.
Nebraska went 49-2 during Taylor's tenure and retired his No. 67 jersey after his departure.
Others of note on the list were receiver Calvin Johnson of Georgia Tech, quarterback Kerry Collins of Penn State, defensive back Ed Reed of Miami and tailback Paul Palmer of Temple.
Mack Brown and Frank Beamer also will be inducted as coaches.