Honors
- McKay won numerous awards for journalism and auto racing. McKay won the George Polk Award for his sports and news coverage of the 1972 Munich Olympics.
- McKay won over twelve Emmy Awards in his lifetime.
- In 1987, McKay was inducted into the American Sportscasters Association Hall of Fame along with veteran boxing and horse racing announcer Clem McCarthy.
- In 1988, McKay was inducted into the U.S. Olympic Hall of Fame.
- In 1993, TV Guide named McKay the best sportscaster of the 1970s.
- McKay was inducted into the Television Hall of Fame during its 11th induction.
- He was selected as the inaugural Dick Schaap Award for Outstanding Journalism recipient in 2002.
- The NBC broadcast of the 2008 Summer Olympics opening ceremony was dedicated to McKay, per a message at the closing of the broadcast.
- The National Collegiate Athletic Association has dedicated a scholarship for college athletes for postgraduate study in McKay's honor.
- The Armory in New York City dedicated a High School track meet in his name on December 12, 2008.
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