Selmon was named a consensus All-American in 1974 and 1975 by Newspaper Enterprise Association. His long list of achievements, in addition to the Vince Lombardi Award and the Outland Trophy, includes the National Football Foundation Scholar-Athlete, GTE/CoSIDA Academic All-American and Graduate Fellowship Winner National Football Foundation and Hall of Fame.
His brothers Lucious Selmon and Dewey also were All-American defensive linemen for Oklahoma, and played on the same defensive line together in 1973. The trio is still regarded as the most famous set of brothers in OU history.
Selmon stayed in Tampa, Florida, working as a bank executive and being active in many charities.
From 1993-2001, Selmon served as an assistant athletic director at the University of South Florida under Paul Griffin. After Griffin was forced to resign, Selmon stepped up and took over the athletic department.
As the USF Athletic Director, Selmon launched the football program, spearheaded the construction of a new athletic facility and led the university's move into Conference USA and then into the Big East Conference. Citing health issues, Selmon resigned as the USF Athletic Director in 2004. He assumed the role as president of the USF Foundation Partnership for Athletics, an athletics fund-raising organization.
The Lee Roy Selmon Expressway is named for him, as is a chain of restaurants. The chain, Lee Roy Selmon's, was named one of the 10 best sports bars in America in 2009. Its motto is "Play Hard. Eat Well. And Don't Forget to Share."
He was inducted into the College Football Hall of Fame in 1988 and the Pro Football Hall of Fame in 1995. He was the first Hall of Famer to have earned his credentials primarily in Tampa Bay, to be joined by Warren Sapp in 2013. In 2010, he was ranked #98 on the top 100 greatest players of all time, as surveyed by NFL network.
Selmon suffered a massive stroke on September 2, 2011, which left him hospitalized in extremely critical condition. His restaurant initially released a statement announcing his death; however, this was later confirmed to be false. In fact, at one point his condition was said to be improving.
On September 4, 2011, Selmon died at the age of 56 from complications of the stroke.Visitation was scheduled for the following Thursday at the Exciting Central Tampa Baptist Church. The funeral was held the next day at Idlewild Baptist Church. Former teammates, the current Buccaneer team, the USF football team, other members of the NFL, and the general public attended. The USF football team wore a #63 decal on their helmets for the 2011 season, as did the Tampa Bay Buccaneers. Both teams conducted a ceremony to honor Selmon the weekend following his death.