As of April 2010, Gaines stands ninth on the NCAA men's basketball coaches win list. When Gaines retired from Winston-Salem State University in 1993, only Rupp had amassed more wins. He was inducted into the Basketball Hall of Fame in 1982. After winning the national title in 1967, he was named the NCAA Division II College Coach of the Year. Gaines was named the CIAA coach of the year a record six times (1957, 61, 63, 70, 75, 80); received the CIAA Basketball Tournament Outstanding Coach Award eight times (1953, 57, 60, 61, 63, 66, 70, 77); was inducted into the CIAA Hall of Fame (1975), NAIA Helms Hall of Fame (1968) and N.C. Sports Hall of Fame (1978) and received the Silver Buffalo Award from the Boy Scouts of America. In 2006, he was named part of the founding class of the College Basketball Hall of Fame.