Sharpe was among the 17 finalists being considered for enshrinement at the Pro Football Hall of Fame in 2009. However, he was passed over in his first year in a class that included Bruce Smith, Ralph Wilson, Derrick Thomas and Rod Woodson. On October 23, 2009, the NCAA Division II Football Hall of Fame announced that Sharpe would be inducted in December of that year. In addition, Savannah State University also retired Sharpe's No. 2 jersey.
