Prior to the season in June, forward Elvin Hayes was acquired in a trade from the Houston Rockets, for forward Jack Marin and draft picks.
[1] In the 1972 draft in April, Baltimore selected point guard Kevin Porter in the third round.
After a slow start, the Bullets had a strong 10–4 record in December.
[2] In the playoffs, they faced their playoff rivals the New York Knicks, and fell in five games in the conference semi-finals;[3] the Knicks went on to win the NBA title.
Following the season, the Bullets made a short move to the new Capital Centre in Landover, a suburb east of Washington, D.C., and became the Capital Bullets.