Dwight is remembered for his 94-yard touchdown return on a kickoff in Super Bowl XXXIII against the Denver Broncos.

Dwight held the Hawkeyes team record for career receiving touchdowns (21) until 2011, when his mark was surpassed by Marvin McNutt.

On December 12, 2014, the Big Ten Network included Dwight on "The Mount Rushmore of Iowa Football", as chosen by online fan voting.

On November 24, 2015, an annual award from the Big Ten Conference was created in honor of Dwight and Johnny Rodgers called the Rodgers-Dwight Return Specialist of the Year.

For the 2006 season, Dwight played in nine games totaling 16 receptions for 112 yards, before being placed on IR in early December.

He founded the Tim Dwight Foundation to help needy kids with scholarships and provide assistance to the Children's Hospital of Iowa.

In 2007, The Cedar Rapids (Iowa) Gazette sports staff voted Dwight the all-time greatest athlete from that newspaper's circulation area, topping other notables like NFL quarterback Kurt Warner and 2007 Masters champion Zach Johnson.