Lane's tragic death sparked a plethora of tributes, including the creation of a Cowboy Crisis Fund that provides assistance to the families of cowboys and cowgirls who are injured or killed in competitions. My Heroes Have Always Been Cowboys was dedicated to Frost, and several years after his death the movie 8 Seconds, based on Frost's life and starring Luke Perry (of Beverly Hills 90210 fame), was released in 1994. Promoted with the tag line, "The sport made him a Legend. His heart made him a Hero," 8 Seconds focused primarily on Frost's familial and romantic relationships. As with most dramatic adaptations, the facts of Frost's life were altered somewhat to create a better story. Frost's family protested some of these changes, particularly the film's assertions that Frost cheated on Kellie during their 1988 separation and that Frost was driven to succeed in bull riding in an attempt to satisfy his hard-to-please father. The family was also disappointed that the film made no mention of Frost's embrace of Christianity.
His family's home church, the Lane Baptist Church, distributes cowboy Bibles, created in Frost's honor, which include his picture on the front and his story inside the front cover. Also, a fifteen-foot-tall statue of Frost riding a bucking bull was erected in front of the Frontier Days Park in Cheyenne. A more practical tribute was the invention of protective vests which cowboys now wear in competitions to help prevent the sort of injury which killed Frost.