First ever draft pick of the San Jose Sharks' history, Falloon was the second choice overall of the 1991 NHL Entry Draft. The Sharks had very high hopes for Falloon and he was looked upon as a future superstar. He however failed to become more than an average player with San Jose, and four seasons later, the Sharks traded him to the Philadelphia Flyers for Martin Spanhel and two draft picks in the 1996 NHL Entry Draft, one first round and one third round (later traded to the Buffalo Sabres; Buffalo used them to pick respectively Daniel Brière and Mike Martone).
In 1998, Falloon was traded once again, this time to the Ottawa Senators, along with Vaclav Prospal and a second round draft pick in return of another highly touted player who failed to develop into the player he was expected to, Alexandre Daigle. After short stints with the Edmonton Oilers and Pittsburgh Penguins, Falloon left the NHL to play the 2000-01 season in the Nationalliga A with HC Davos, with whom he collected 38 points in 43 games. He retired from professional hockey after the season.