The awards were voted upon by the Big Ten's coaches and media members.
Hollins was honored by both groups. He led the Gophers averaging 14.3 points and 4.1 rebounds per game this season. It's the third straight year that Hollins was named honorable mention.
For his career, Hollins stands fourth in program history with 1,752 points. He became the only player in program history with at least 1,500 points and 300 assists.
The media also named Walker as an honorable mention. He was second in scoring for the Gophers with 12 points per game, while leading the team with 6.6 rebounds per contest.
Walker scored in double figures in 19 of Minnesota's 31 games and finished with a career-high 26 points on Sunday against Penn State. Walker posted career-best numbers this season in nearly every statistical category and recorded three double-doubles.
"I don't think anybody individually had a great year and that's why you see nobody was on first, second or third team," Gophers coach Richard Pitino told the Star Tribune. "I don't think anybody over the whole course of the season had a great individual year."
The Gophers finished the regular season 17-14 and were 6-12 in the Big Ten.
Minnesota still has one more chance to make the NCAA Tournament – by winning the Big Ten Tournament. But it won't be easy; that would require the Gophers winning four games in four days to get the automatic qualifier.
Minnesota earned the 11th seed in the conference tournament, which opens on Wednesday. They face 14th-seeded Rutgers at 6 p.m. in the United Center in Chicago.