He scored on his Wolves debut, a 2–2 draw at Bradford City on 7 September 1929, and quickly formed a potent attack with Billy Hartill, scoring 42 goals as a duo that season. Deacon reached double figures in goals in all but his final full season at Molineux, and won a Second Division championship medal in 1931–32. His younger brother Dickie also played for the club during this spell.
He scored a total of 56 goals in 158 appearances for Wolves, before being transferred to Southend United in October 1934. He made over a century of appearances for Southend, before playing out his career with a season at Hartlepool in 1939–40.
After World War II, he returned to his native Glasgow where he ran a pub.