I didn't realise you had to be dead to get a trophy named after you in cycling!!! How odd! There's a tradition of naming some trophies in honour of people in most other sports while they're still alive e.g.
the Football World Cup was renamed in honour of Jules Rimet in 1946. He died in 1956 - i.e. 10 years later! perhaps they were trying to tell him something? anyway, I'm sure there are loads of other examples.
I wouldn't, however, want the naming of a trophy to become a contentious issue that stops the whole show - if there are any other more worthy names - perhaps of those that have figuratively speaking, moved further afield than the IoW, let's go for them.