That is an exellent question. Unfortunately, I do not know the answer. As I recall, I was notified in March and the induction ceremony was during commencement weekend with a nice brunch for the inductees and their parents. However, I did not graduate from UCLA. But, yes, I think that you would have heard by now. Mere speculation on my part, however.
Peyton Manning is the only NFL player in Phi Beta Kappa, with the possible exception of the defensive back from Florida State who is a Rhodes Scholar, recently drafted. Good luck. I hope that you make it.
Having raised what is a serious question, be prepared for the onslaught of Phi Beta Kappa bashers, who are numerous on SDN, who will tell you not to spend the $75 that you will probably blow on beer during the next two weekends anyway.