Despite losing Jamal Mashburn for the first 44 games due to a knee injury, the Hornets got off to a solid 17–7 start to the season under new head coach Tim Floyd.
However, they would struggle posting a losing record in January, and only managed to play .500 ball in February.
Despite posting an average record of 41–41, the Hornets finished fifth in the Eastern Conference, and qualified for their fifth straight playoff appearance.
Despite another injury-plagued season, Davis and teammate Jamaal Magloire both represented the Eastern Conference at the 2004 NBA All-Star Game in Los Angeles.
Also following the season, Floyd was fired as coach after just one season, Smith left in the 2004 NBA Expansion Draft, Stacey Augmon signed as a free agent with the Orlando Magic, and Robert Traylor re-signed with the Cleveland Cavaliers.