Reed became eligible for induction into the NFL's Pro Football Hall of Fame, the highest honor afforded a former NFL player, in 2006. However, he was not selected for induction in any of his first four years of eligibility, due in part to the logjam of accomplished wide receiver candidates, including Art Monk, Michael Irvin, and Cris Carter. Although Irvin, Monk and Carter are now enshrined as of 2007, 2008 and 2013 respectively, the logjam became worse than ever for Reed as he was once again overlooked in 2009, and 2010, which saw wide receiver candidates Jerry Rice and Tim Brown both eligible for the first time. Rice has long been considered one of the greatest players in league history and was almost assured of being a first ballot Hall of Famer, making 2010 a long shot for Reed. As expected, Rice was inducted, which did clear some of the logjam going forward for Reed.
In 2006, Reed was voted into the Buffalo Bills Wall of Fame, joining a number of other players from Bills history whose names are enshrined in the field-encircling cement of Buffalo's New Era Field.