The monument consists of two fiberglass statues covered in ceramic tiles, atop a concrete base designed to emulate the Olympic podium.

After earning gold and bronze medals respectively, the duo raised a Black Power salute while "The Star-Spangled Banner" played, which became one of the most defining acts of protest of the civil rights movement.

[7] Grotz worked with Department of Art Chair, Dr. Robert Milnes to create a mock-up to pitch to the University's Associated Students board, who approved the project on December 11, 2002, and began fundraising.

[8] The Associated Students raised over $300,000 for the project[9][5] and initially intended the statue to be placed next to the now former location of the Scheller House[10] on the Paseo de San Carlos.

A panel discussion was held featuring Smith and Carlos, as well as silver-medalist Peter Norman, fellow Speed City era sprinter Lee Evans, and head coach Payton Jordan.

[29] On October 12, 2023, after the Hamas-led attack on Israel and subsequent Israel–Hamas war, the San Jose State chapter of Students for Justice in Palestine organized a protest consisting of speeches given at Victory Salute, followed by a march around the campus.

[30] In April 2024, following the campus occupation at Columbia University, student protestors began demanding that San Jose State divest from Israel over its alleged genocide of Palestinians.

The university's Associated Students board unanimously adopted a measure to boycott Silicon Valley companies involved in pro-Israeli activity on April 24.