Reed spent 13 years as a Rider, played in four Grey Cup championships and led the CFL in rushing nine times.
He has been inducted into the Saskatchewan and Canadian Sports Hall of Fame as well as the Canadian Football Hall of Fame.
Reed was invested as a Member of the Order of Canada in 1978.
He's is also known for his work with the Canadian and Saskatchewan Special Olympics, the Saskatchewan Abilities Council and other charity groups.
Lt.-Gov. Vaughn Solomon Schofield says Reed will be one of seven people getting the province's highest honour at a ceremony Nov. 4.