The Cougars will take the field with a Razorbacks flag, signed by all team members, and gift it to the Arkansas cheerleaders before the game.
Mallett, a former Arkansas quarterback and White Hall head football coach, drowned at a Florida beach in June, while Collins, a former Arkansas running back, died in August after a motorcycle accident.
Mallett played for the Hogs starting in 2009 under head coach Bobby Petrino. During his time at Arkansas, the Razorbacks saw plenty of wins, even coming out on top in the 2010 Liberty Bowl.
Following his college career, Mallett was drafted in the third round of the 2011 NFL Draft by the New England Patriots. The quarterback also played for the Houston Texans and the Baltimore Ravens during his time in the NFL.
After his professional career in the NFL ended, Mallett started coaching, working most recently as the head coach of White Hall.
Collins played for the University of Arkansas from 2013 to 2015, where he began his career as the first true freshman in SEC history to rush for 300 yards during his first three games. He was even named the 2013 SEC Freshman of the Year.
After playing for Arkansas, he was drafted by the Seattle Seahawks and would later play with the Baltimore Ravens.
The Razorbacks are paying tribute to the two all-time greats during every home game this season with the placement of Mallett and Collins' initials at the yard line corresponding with their jersey numbers.
Collins' initials are painted on the Frank Broyles Field's three-yard-line, and Mallett's initials are painted on the 15-yard-line.
In addition to the initials of Mallett and Collins, the university shared that the family of Chris Smith will join the team as honorary captains when the Razorbacks play Auburn on Nov. 11.
The Hogs held a moment of silence before their season opener against Western Carolina at War Memorial for Alex Collins, Ryan Mallett, Chris Smith and Dion Stutts.