After winning gold in the freestyle wrestling event at the 1984 Los Angeles Summer Olympics, Schultz won the 1985 and 1987 World Wrestling Championships and placed first in the wrestling event at the 1987 Pan American Games. After retiring from wrestling, he became a mixed martial artist with the Ultimate Fighting Championship (UFC).
During his time at California's Palo Alto High School, he won the Northern California All-Around Gymnastics Championship before shifting his focus to wrestling. While at the University of Oklahoma, he won three National Collegiate Athletic Association (NCAA) wrestling championships.
He coached the wrestling team at Brigham Young University.
The son of Philip Gary Schultz and Dorothy Jean St. Germain, he spent his youth in Palo Alto, California and Ashland, Oregon. Before ending in divorce, his marriage produced three children.