Craig had a standout Olympic tournament, including stopping 36 of 39 shots on goal by the heavily favored Soviet Union in the 'Miracle on Ice', as the U.S. won 4–3, in what is widely considered one of the greatest upsets in sports history.

Craig went on to play professionally in the National Hockey League for the Atlanta Flames, Boston Bruins, and Minnesota North Stars from 1980 to 1983.

After starring at Oliver Ames High School in his hometown, Craig spent one year at Massasoit Community College in Brockton, Massachusetts.

[4][5] Craig played a key role in one of the landmark moments in United States sports history, as the goalie for the United States in the Miracle on Ice, when the 1980 U.S. Olympic hockey team defeated the favored Soviet Olympic hockey team, which was led by veterans including greats Boris Mikhailov and Vladislav Tretiak.

Craig returned to the U.S. national team for the 1981 Canada Cup but missed the tournament due to injury and the following season was spent in the minor leagues with the Erie Blades.

[9] Two years after the Lake Placid victory, he was issued a citation charging him with "driving to endanger after an accident on a rain-slicked highway that left one woman dead and another critically injured".

He is president of Gold Medal Strategies,[14] a Boston-area based promotions and marketing firm that also manages and represents Jim and his appearance business.