Fresh from an Arkansas state championship at Pine Bluff High School, Reed joined the Arkansas men's basketball team in 1977, at the height of the success of the "Triplets" – Sidney Moncrief, Ron Brewer and Marvin Delph – and was a key part of the team that made it to the 1978 NCAA Final Four, finishing third after losing to eventual champion Kentucky Wildcats in the semifinal game.

Sycamore player Bob Heaton took five steps to the bucket and scored on a left-handed shot at the buzzer, giving ISU a 73–71 win and a trip to the Final Four, where they finished second to Magic Johnson and the Michigan State Spartans.

[2] Following that season, Reed played as a member of the gold medal-winning American team at the 1979 World University Games, joining such teammates as Kevin McHale, Jeff Ruland and Andrew Toney.

He was unable to get the ball to any of his teammates, including future NBA players Darrell Walker and Scott Hastings, and took a desperation shot from just beyond the mid-court line as the clock expired.

A member of three Southwest Conference championship teams, Reed ended up playing in four NCAA Tournaments during his tenure and was named National Association of Basketball Coaches All-District in 1980 and 1981.