Billy Dewell was inducted into the SMU Athletics Hall of Fame in 1984. He was SMU's first three-time All-Southwest Conference honoree in basketball (1936-37, 1937-38, 1938-39) and was a part of the 1936-37 SWC championship team. He was also team captain for the 1937-38 season.
Dewell also played football from 1936-38 and was All-SWC as an end in 1938. Selected by the Philadelphia Eagles during the 1939 NFL draft and then played seven seasons for the Chicago Cardinals (1940-41, 1945-49).
He also played baseball at SMU and was the first SMU athlete to receive All-SWC recognition in three sports.