During his career Lyon was named an All-Australian from 1993 to 1995. He was named Melbourne best and fairest in 1990 and 1994 and was the Melbourne leading goalkicker in 1994 and 1995. Lyon served as the Victoria State of Origin team captain in 1994 and was the Melbourne captain from 1991 to 1997. He was named the Australian Football Media Association Player of the Year in 1995 and was named to the Melbourne Team of the Century. After retiring he has been an Australian rules football media personality appearing on television, radio, and in newspapers.