Watson, 25, and Cumberbatch, 39, will have a duties which are supposed to enrich the cultural life of the university, reported People magazine.
"At a minimum, we'd like them to drop in occasionally at college, eat with us and meet informally with a variety of the LMH community," Alan Rusbridger, the college's principal, said.
"We'd like them to do one thing a bit more structured. It could be a conversation or debate, a performance, a lecture or seminar, a form of outreach - or something we haven't thought of. We can imagine fascinating interactions or collaborations between them."
The fellows are also intended to help the academic community cross over into the various professional worlds the fellows are a part of.