A scrambling quarterback, Faloney helped the Eskimos win the 1954 Grey Cup but then fulfilled his mandatory service in the United States armed forces, serving with the U.S. Air Force from 1955 to 1956. A free agent after his military service, Faloney signed with the Hamilton Tiger-Cats in 1957 and became one of the major stars of the Canadian Football League, winning two Grey Cup championships with the Ti-Cats. Traded from Hamilton in 1965, he played for the Montreal Alouettes and the BC Lions before retiring in 1967.