Sophomore center Bill Walton of UCLA was named the tournament's Most Outstanding Player;[1][2][3] the first of two consecutive.

On a historically significant note, the Southwestern Louisiana Ragin' Cajuns made the tournament in their first season of eligibility for postseason play; the next to achieve this feat was North Dakota State in 2009.

[4] SW Louisiana also made the tournament in 1973, but due to major infractions that resulted in the basketball program receiving the NCAA death penalty (and very nearly expelled from the NCAA altogether), both appearances have since been vacated and the records expunged.

Markets of participating teams were permitted to televise both games if the team of local interest was playing in the opposite window; in 1972, Louisville NBC affiliate WAVE broadcast both games live, as the Cardinals' semifinal vs. UCLA tipped off at 11:15 p.m.

The following are the sites that were selected to host each round of the 1972 tournament: First round Regional semifinals, 3rd-place games, and finals (Sweet Sixteen and Elite Eight) National semifinals, 3rd-place game, and championship (Final Four and championship) * – Denotes overtime period # - Minnesota vacated its appearance in the 1972 tournament.