Reed, along with Mike Pringle and Johnny Bright, is one of the players most often mentioned as being the greatest running back in CFL history.

[3] George Reed was voted the CFL's Most Outstanding Player for 1965 and in 1976 he was the inaugural winner of the Tom Pate Memorial Trophy for playing ability and community service.

[8] When he became the CFL's all-time leading rusher in 1973, he was honored with the unique proclamation of October 7 as George Reed Day in Regina, Saskatchewan.

[4] Reed remained in Saskatchewan after he retired from playing football and for decades was active in the local community with various charities and organizations.

[15][16] In 2012, in honour of the 100th Grey Cup, Canada Post used his image on a series of commemorative postage stamps.

The image was also used on presentation posters and other materials to promote the Grey Cup game and other celebrations associated with the centennial.

[22] Shortly afterwards, fifty years after he became the CFL's all-time leading rusher, he was once again honored in Saskatchewan with the proclamation of October 7 as George Reed Day.