Colón's name began being rumored as a possible inductee to the WWE Hall of Fame in late 2011. Ultimately, the 2012 Class did not include him. The following year, Eddie and Orlando Colón noted that they supported a potential induction. On March 11, 2014, Colón was officially announced as part of that year's class. This class was completed by The Ultimate Warrior, Jake Roberts, Lita, Paul Bearer, and Mr. T. He was inducted by his sons Eddie and Carly, and nephew, Orlando in the official ceremony held at the Smoothie King Center in New Orleans, Louisiana. Colón became the third Puerto Rican inducted, the first being Morales and the second being New York-born Johnny Rodz. WWC held a series of homages, the first of which was held by his immediate family. A more formal ceremony was held on March 30, 2014, and included the participation of long-time rival Chicky Starr, who participated in a skit where he expressed his respect and ended their animosity. The promotion went on to announce a Puerto Rico-wide tour, "La Despedida de Carlitos Colón", which would mark Colón's final retirement.