Clancy played junior with the Toronto St. Michael's Majors of the Ontario Hockey Association. He helped St. Michael's win the 1961 Memorial Cup, the championship of junior hockey in Canada. After two seasons with St. Michael's Clancy moved to the Montreal Junior Canadiens for one season, followed by a stint with the Canadian national team. On his return from the 1964 Winter Olympics Clancy turned professional. playing 3 games with the Rochester Americans of the minor American Hockey League (AHL). Signed by the Toronto Maple Leafs of the National Hockey League (NHL) in October 1964, he stayed in the minor leagues and split 1964–65 between Rochester and the Tulsa Oilers of the Central Hockey League, and spent the 1965–66 season with Tulsa, but returned to Rochester and the AHL for 1966–67.
The NHL expanded in 1967, doubling in size, and Clancy was claimed by the newly-formed California/Oakland Seals (the team changed names midway through the season) in the expansion draft. He made his NHL debut in Seals first game, October 11, 1967 against the Philadelphia Flyers. He played seven games for the Seals that year, all at the start of the season. Reassigned to the minor leagues, Clancy spent the rest of the 1967–68 with the Vancouver Canucks of the minor Western Hockey League and the Buffalo Bisons of the AHL. After the season ended, on May 14, 1968, Clancy was traded back to Toronto.
Back with Tulsa for the 1968–69 season, Clancy played two games in the NHL with the Toronto Maple Leafs in December 1968. He played 52 games for the Maple Leafs in 1969–70, recording his first goal on December 6, 1969 against the Pittsburgh Penguins. Clancy finished with 6 goals and 11 points. The 1970–71 season saw Clancy spend time with both the Phoenix Roadrunners of the WHL and after being traded to the Montreal Canadiens on December 23, 1970, their AHL affiliate the Montreal Voyageurs of the AHL. He sitting out the 1971–72 season, and being traded back to Toronto on August 30, 1971, he played 32 games for Toronto in 1972–73, his final time in the NHL. On October 17, 1973 Clancy was traded once more, going to the Detroit Red Wings, though he spent the 1973–74 season split with the Albuquerque Six-Guns of the CHL and the London Lions, a British-based team that played across Europe that year. After a nine-game stint with the Virginia Wings of the AHL in 1974–75 Clancy retired from playing.

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