From NCAA release on it itself points toward both being true...?
www.ncaa.com/news/wrestling/article/2022-04-02/dan-hodge-trophy-history-winners-and-how-it-works%3famp
How wrestlers are selected for the award:
Originally created to celebrate the pin in college wrestling, the Dan Hodge Trophy is based on seven criteria including record, number of pins, dominance, past credentials, quality of competition, sportsmanship/citizenship and heart. The trophy is based primarily on the results of a single season, but past accomplishments are considered as well, particularly in years where the competition is tighter.
The winner of the Hodge Trophy is determined based on a voting process that includes previous Hodge members, national media members, retired college coaches from each region of the United States and a representative of the national wrestling organizations in the country. Each voter is given one ballot containing the finalists, typically a group of approximately four undefeated wrestlers from the previous season, though the 2021 season included six finalists. Fans also have a chance to vote for the Hodge winner, and the athlete with the most fan votes will receive two first-place votes in the count. Voting is typically conducted after the conclusion of the NCAA tournament, and the winner is announced in April. Schools traditionally honor the Hodge winner during a fall football game as well.