Cannon became a dentist after retiring from football. In 1983, after a series of bad real estate investments, he became involved in a counterfeiting scheme and served two and a half years in prison. In 1995, he was hired as a dentist at Louisiana State Penitentiary, a position he held until his death in 2018. His jersey number 20 was retired by LSU football in 1960, and he was inducted into the LSU Athletic Hall of Fame in 1975, the Louisiana Sports Hall of Fame in 1976, and the College Football Hall of Fame in 2008.