In a touching farewell, Walls' family shared that he died on Thursday morning surrounded by his children, in his apartment overlooking the Melbourne Cricket Ground. The celebrated player and coach played over 200 matches for Carlton FC, winning three premierships as a player and one as a coach in 1987. Following his retirement in 1997, he became a respected commentator in the sport.

Diagnosed with the rare blood cancer in 2023, Walls spent over 250 nights in hospitals over the past two years. In his tribute, Carlton FC hailed him as "one of our game's great servants." Walls is survived by his three children and partner Julie, following the earlier loss of his wife Erin to cancer in 2006.