Pretty sure it includes each medal won - just not that many Olympic Gold medal winning athletes at Uconn and the women BB players account for most of the 27. Sue and DT 10, Tina 3, Swin, Stewart, Maya 6, Lobo, Wolters, Asjha, Dolson, and Collier 5 = 24. Add in one men's basketball in Ray Allen and it is 25 for the basketball teams.
The number of participants in the Olympics from women's basketball of 17 includes the 11 above plus Sveta (Russia), Gabby (France), Kia and Aaliyah (Canada), Rashidat Sadiq (Nigeria) - the only other I can think of is Jen participating as a coach. Bria Hartley has played for the French National team but not in an Olympics.
Edit: The idea of the monument is great - nice recognition for all the Olympic athletes - getting to the Olympics is a great achievement for any athlete (or coach.)