Schlundt was named an All-American in 1953, 1954 and 1955. He left IU as the school's all-time leading scorer with 2,192 points - a mark that stood for 32 years until Steve Alford broke it. Following the completion of his collegiate career, Schlundt opted to pursue a career in business rather than professional basketball.
He was elected to the Indiana University athletics Hall of Fame in 1982 and is also a member of the Indiana Basketball Hall of Fame. Schlundt died of cancer on October 10, 1985.