In 2012, Ray completed 321 of 468 pass attempts (68.6% completion) for 4,059 yards, 20 touchdowns and 11 interceptions for a 99.8 quarterback rating. Rays 68.59% completion rate was a new team record breaking the previous mark of 67.25% set by Kerwin Bell in 1998. Ray injured his knee in the third quarter of a Week 4 win against the Blue Bombers. He missed the Week 5 game and then returned to the starting lineup in Week 7, following a bye in Week 6. Ray was averaging over 300 yards passing per game compiling a total of 3,341 yards in his first 11 games before suffering a knee injury in the 1st quarter of a game against Montreal. Ray would return for the final two games of the season completing 20 of 33 passes for 383 yards, 4 touchdowns and no interceptions vs Winnipeg and 24 of 30 passes for 305 yards, 4 touchdowns and 1 interceptions against Saskatchewan, earning offensive player of the week honors for the latter performance and helping the Argo clinch a playoff spot.