There were so many applicants this year that two extra members were added to the court.
ABC7's Cheryl Burton joined Chance for the announcement. He is scheduled to be the parade's grand marshal.
"I'm so excited. I was crying because I thought I wasn't going to win anything but at the last moment I won," said Isis Dixon, who was named the court queen.
"I feel pretty surprised. I tried my best. I'm a hard worker in school. I love to be in school," said Jaquan Parker, the court prince.
Members of the court have plenty of time to get ready for their royal duties. The Bud Billiken Parade is set for Aug. 12 on Chicago's South Side.