In 1971, Ealey's senior season, he was named First Team All-American by "Football News", Second Team All-American by the United Press International, and Third Team All-American by the Associated Press. He also finished eighth in the voting for the 1971 Heisman Trophy, which was awarded to Pat Sullivan of Auburn. Ealey finished his career as a three-time first team all-conference selection, and a three-time Back of the Year selection in the Mid-American Conference, leading the conference in passing yards in 1970 and 1971. His jersey is one of four retired jerseys in the history of Toledo football, and was elected to the MAC Hall of Fame as a charter member in 1988.