William Charles "Bill" Hay was born into an athletic family on December 9, 1935 in Saskatoon, Saskatchewan. Bill's father, Charles, had tended goal for the University of Saskatchewan, narrowly losing the 1920 Allan Cup title to the Toronto Granites, while his mother was an outstanding track and field star. "Red", as he would become known due to the colour of his hair, quickly worked his way through the ranks joining the junior Regina Pats in 1952.

Over three seasons, Hay would follow in his father's footsteps, entering the University of Saskatoon, while playing with both the school and the junior Pats. His hockey playing abilities combined with his schooling earned Bill an athletic scholarship at Colorado College. He would spend three seasons in Colorado Springs, earning WCHA 1st All-Star Team honours and NCAA 1st All-American Team honours in both 1957 and 1958, along with being named to the NCAA Championship All-Tournament Team at the 1957 tourney. Before moving on to the pro hockey ranks, Hay graduated with a Bachelor of Science in Geology.

Bill attended the Montreal Canadiens training camp in the fall of 1958. He was loaned for the season to the Calgary Stampeders in the Western Hockey League, recording 54 points in 53 games during his rookie year. Following the season, the Canadiens, not realizing Hay's potential, shipped him to the Chicago Black Hawks where his career would blossom and he would become the first NCAA player to play regularly in the NHL.

Bill would spend the next eight years at centre, most of which was spent on, "The Million Dollar Line", between Bobby Hull and Murray Balfour. Hay played in two All-Star Games and in 1961 led the Hawks in scoring with 59 points, setting a team record for assists with 48 and leading the Hawks to their first Stanley Cup since 1938. Following the 1965-66 season, Hay decided to retire to Calgary where he again followed in his father's footsteps working in the oil industry. The Black Hawks were left with a gapping hole at the centre ice position and General Manager, Tommy Ivan, made every conceivable attempt to coax Hay back. Finally he was successful, and Bill finished out the last half of the 1967 season, leading the Hawks to first place overall for the first time in franchise history.

Hay, who had worked part-time in the oil industry throughout his hockey career, decided to retire for good during the summer of 1967. Over the next 23 years, Hay would become a leader in the oil industry, based out of Calgary, Alberta.

He would retire from the industry at age 55, joining Hockey Canada as the President and Chief Operating Officer. After one season, the NHL Calgary Flames came knocking and Hay answered, joining the club as President and Chief Executive Officer. Hay spent five years with the Flames, before joining the newly founded Canadian Hockey Association, as the Planning Advisor for the Centres of Excellence. Along with his numerous positions in hockey, Hay also was a Member of the Canadian Special Olympics Advisory Board and the Hockey Hall of Fame Selection Committee. In 1999, Hay would take over the reigns of the Hockey Hall of Fame, leading it into the new millenium.