He earned Sun Belt All-Conference honors in three out of the four seasons he played. As a senior in 1980, he was named Sun Belt Conference "Player of the Year" after posting team-high 498 points (17.2 ppg) and ranking second in rebounds with 214 (7.4). He also tallied a Sun Belt record 45 points against South Florida on Jan. 23, 1980. As a junior in 1979, he earned Sun Belt Conference Tournament MVP. Ray also lead the team as a junior in points (483, 16.1 ppg) and rebounds (233, 7.8 rpg). Among all other accolades, he took home consecutive Gator Bowl Tournament MVP honors
After his time as a Dolphin, he was the fifth overall selection in the 1980 NBA Draft by the Denver Nuggets, which made him the highest Dolphin ever taken in that draft. He spent three seasons with the Nuggets (1980-83) and tallied 334 points and 228 rebounds in 103 games. Ray enjoyed his best season as a pro during the 1982-83 campaign after scoring 173 points and grabbing 126 boards.