Kentucky, coached by Rick Pitino, won its sixth national championship by defeating Syracuse in the final game 76–67.

Connecticut, coached by Jim Calhoun, was additionally punished monetarily due to players accepting illegal gifts from agents.

As of 2024, this is the earliest tournament from which all four Final Four coaches (Pitino, Boeheim, Calipari and Mississippi State's Richard Williams) are still living.

[3] Four conference champions made their first NCAA tournament appearances: Monmouth (NEC), UNC Greensboro (Big South), Valparaiso (Mid-Continent), and Western Carolina (Southern).

The team's 35–2 season record was reduced to 31–1, and the UMass slot in the Final Four is officially marked as "vacated".