University of Kentucky star Dan Issel was signed by the Colonels.
Issel was given a 10-year contract worth $1.4 million, while playing all but one game in the whole season, leading to him being named Rookie of the Year, alongside averaging 29.9 points and 13.2 rebounds per game during the season.
In the Eastern Division Finals, they beat the Virginia Squires 4 games to 2.
Eastern Division Semifinals[1] Colonels win series, 4–2 Eastern Division Finals Colonels win series, 4–2 ABA Finals[1] Colonels lose series, 4–3 1971 ABA All-Star Game selections (game played on January 23, 1971)
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