Cleveland State University became the first #14 seed to reach the Sweet Sixteen, losing to their fellow underdog, Navy, by a single point.

The lone #1 seed to not reach the Elite Eight, St. John's (West), was knocked out in the second round by #8 Auburn, which lost to #2 Louisville in the regional final.

It can be argued that these upsets by the 14-seeds launched the NCAA tournament's reputation for having unknown teams surprise well-known basketball powers, and both happened on the same day.

[citation needed] Indiana's stunning loss to Cleveland State would be part of the climax in the best-selling book A Season On The Brink.

The following are the sites that were selected to host each round of the 1986 tournament: First and Second Rounds Regional semifinals and finals (Sweet Sixteen and Elite Eight) National semifinals and championship (Final Four and championship) Memphis State was forced to vacate its NCAA tournament appearance after a massive gambling scandal and a criminal investigation into head coach Dana Kirk.

The championship game was the last for future Naismith Memorial Basketball Hall of Fame inductee Hank Nichols, who became the NCAA's national supervisor of officials.