Born in San Pedro, California, Carano's Pop Warner football coach was former NFL quarterback Eddie LeBaron.
Carano accepted a football scholarship from University of Nevada, Las Vegas, where he became a four-year starter at quarterback for the Rebels.
As a sophomore in 1974, Carano helped UNLV achieve a number two ranking in Division II, after they completed their one and only undefeated regular season.
[1] In the backfield with Carano was senior running back Mike Thomas, a fifth-round selection in the 1975 NFL draft and the offensive rookie of the year with the Washington Redskins.
On May 3, the Cowboys traded wide receiver Duke Fergerson to the Seahawks in exchange for the 26th position in the second round, used to select Carano.
Carano is perhaps best remembered for replacing the injured White in the 1981 Thanksgiving game against the Chicago Bears and helping the Cowboys to a 10–9 comeback win.
[7] On December 1, 1983, Carano signed with the Pittsburgh Maulers of the United States Football League where he completed 53.7% of his passes for 2,368 yards, 13 touchdowns and 19 interceptions in the 1984 season.