One of the most prolific passers in league history, Ray ends his career as one of just four quarterbacks with more than 60,000 passing yards and ranks fifth all time with 324 touchdowns. The 39-year-old also retires as the most accurate passer to ever suit up in the CFL with a 68.2 career completion percentage.
"I just wanted to be a player that teammates and fans and the organization could believe in, could be proud of that I was going to go out there and play my best every week," said Ray.
"That's what I tried to do, perform my best and be a good leader, lead by example."
Speculation regarding the likely Hall of Famer's future had been ongoing since he suffered a season-ending neck injury in Week 2. With Ray a free agent, the Toronto Argonauts said they were moving forward with James Franklin as their starter.
The 39-year-old won his first two titles with the Edmonton Eskimos in 2003 and 2005 before being traded to the Argonauts after the 2011 campaign.
He won a Grey Cup in his first year with the Argos. Six years later, he helped shock the heavily favored Calgary Stampeders to earn his fourth championship.
Following his first title in 2004, Ray was signed as a backup by the New York Jets. He returned to Canada the next year and won the lone Grey Cup Most Valuable Player award of his career.