Flagg averaged 18.9 points, 7.5 rebounds and 4.2 assists while leading the Blue Devils to the Final Four.
The other finalists were Walter Clayton Jr. of Florida, Mark Sears of Alabama and Braden Smith of Purdue.
Watkins, a sophomore guard, won the women's award. She beat out UConn's Paige Bueckers, who won in 2021, by 46 votes.
The other finalists were Lauren Betts of UCLA, Madison Booker of Texas and Hannah Hidalgo of Notre Dame.
Flagg and Watkins were honored as the The Associated Press players of the year.
Watkins averaged 24.6 points per game for the Trojans before suffering a season-ending ACL injury in their second-round NCAA Tournament win over Mississippi State.
Voting took place from March 11-24 by a national panel of sportswriters and sportscasters, along with former Wooden Award winners.
The trophies will be presented April 11 at the Los Angeles Athletic Club.
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AP March Madness bracket: https://apnews.com/hub/ncaa-womens-bracket and coverage: https://apnews.com/hub/march-madness Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here.
Credit: AP
Credit: AP
Credit: AP
Credit: AP
Credit: AP
Credit: AP
Credit: AP
Credit: AP