Ray received his undergraduate degree in mathematics from Queens College, City University of New York in June 1966, graduating cum laude and Phi Beta Kappa.

[8] Ed Ray was one of the key architects, along with NCAA President Mark Emmert, of the unprecedented sanctions against the Penn State football program in the aftermath of the Jerry Sandusky scandal.

On July 23, 2012, the NCAA issued penalties that included a 4-year bowl ban, severe scholarship reductions, the vacating of 112 wins from 1998-2011, and a $60 million fine against the school.

[11] On January 15, 2015, Ray's deposition in the lawsuit was made public, in which he admitted under oath that he did not read the Freeh Report nor had he reviewed the consent decree drafted by the NCAA before he appeared in a press conference, along with Emmert, announcing the severe sanctions against the Penn State football program.

The following day, the NCAA settled the Corman lawsuit by withdrawing all remaining sanctions against Penn State, including the vacating of the program's victories from 1998-2011, returning Joe Paterno to his status as the winningest coach in Division 1 football history.