Gus Hollomon attended French High School in Beaumont, where he played quarterback and was "all-city." He continued in the quarterback position during his freshman year at the University of Houston but was switched to safety in his second season, where he remained throughout his collegiate career.

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Hollomon intercepted five passes in 1967 and six as a junior in 1966. He also punted seven times for a 49.1 average as a senior. A three-year regular in the Cougar secondary, Gus led the defensive unit in minutes played in 1965 and 1966. He holds the Cougar school record for the most career pass interceptions (14) and the most pass interception yardage at 200.

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Hollomon was drafted by the Denver Broncos in 1968 and settled into the position of strong safety as a pro. He also filled in for punter Billy Van Heusen when Heusen suffered a knee injury, earning a 39.7 average on 47 kicks. 

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Hollomon left Denver and found a new home with the New York Jets in 1970. He played with the Jets through 1972 and then retired.