Larsen was the athletic director and 24th head college football coach for the Carroll College Pioneers (now called "Carroll University") located in Waukesha, Wisconsin and he held that position for the 1977 season. His career coaching record at Carroll College was 4 wins, 5 losses, and 0 ties. This ranks him 18th at Carroll College in total wins and 16th at Carroll College in winning percentage.
In 1980, Larsen became the head coach and athletic director at the University of Chicago for three seasons, until 1982. His record at Chicago was 3 wins, 23 losses, and 1 tie. As of conclusion of the 2006 season, he is ranked seventh of eight in total wins and last in win percentage of coaches at the school during the "modern era", after Chicago reinstated football as a Division III team in 1969.