It will be the first time in at least five years the team will don two players with the "C" on their chest. The decision was reached after a team vote.
Stephens, a forward, played in 42 games during the 2014-15 season and scored four goals while assisting on nine. He owned a plus/minus rating of plus 13.
He contributed to the Cyclones' quarterfinal run in this season's American Collegiate Hockey Association National Tournament, grabbing an assist in the victory against Oklahoma.
In his career at Iowa State, the 195 pounder has nine goals in the 106 games he has played in.