During his tenure at Rutgers, Bannon went 59-60 and failed to make the NCAA Tournament, although he was able to take the Scarlet Knights to the NIT. His only appearances in the NCAA Tournament came during his time at Rider, when he led the team to two consecutive berths by winning the Northeast Conference tournament.
Bannon came under fire toward the end of his tenure at Rutgers regarding an incident in a free throw drill during his first year as coach. In said drill players Earl Johnson and Josh Sankes were forced to remove clothing for each free throw they missed, then were forced to run wind sprints while naked. The players transferred from the university and Johnson filed a lawsuit against the school, which was later reduced to naming Bannon as one of two co-defendants. The suit had originally been dismissed in 1999, but in 2001 was reinstated.
Bannon has not coached on the collegiate level since his firing at Rutgers and currently is employed by the Mercer County, New Jersey, Park Commission, where he serves as its executive director, and the Mercer County Sports and Entertainment Commission where he is vice president. He returned to coaching basketball in 2008, acting as the coach for the boy's varsity team at Notre Dame High School in Lawrenceville, NJ