A right winger, Craig Falkman played college hockey at the University of Minnesota, making All-American in 1964 and being named MVP of the Gophers team that year. At the 1968 Olympics, Falkman played two games, but broke his leg against Sweden and was out for the rest of the tournament. Falkman had already played two years of minor league hockey with the Rochester Mustangs of the US Hockey League from 1965-67. In 1968-69 he played in Austria with Kitzbühel AC. Falkman competed for the US National team at the 1967 and 1971 World Championships. In 1972 he was drafted by the Minnesota Fighting Saints of the nascent World Hockey Association, and he played one season of major league hockey with them in 1972-73, playing in 45 games, scoring one goal and six points. Falkman later went into sales.