The team was the most successful in Tigers' history reaching the NCAA Championship game for the second time and setting numerous school records.

It is also one of the most successful in college basketball history, setting the record for most wins in a season at 38–2.

However, all wins and one loss were vacated in 2009 after an investigation into the eligibility of Derrick Rose and the Tigers officially finished the season 0–1.

3 as a result of a strong recruiting class led by Derrick Rose and returning veteran stars Chris Douglas-Roberts and Joey Dorsey.

To start non-conference play, the Tigers defeated powerhouses Oklahoma and Connecticut in the 2K College Hoops Classic at Madison Square Garden in New York.

On the same court in the Jimmy V Classic, they won an overtime thriller over USC led by O. J. Mayo.

2 matchup covered by ESPN Gameday, the Volunteers beat the top-ranked Tigers at home 62–66.

The NCAA determined in 2009 that Derrick Rose had forfeited his eligibility because the Educational Testing Service voided Rose's SAT Reasoning Test score that made him eligible to play at Memphis.

This included a banner commemorating three seniors who finished the season with the most wins by any player in NCAA history with 137 from 2005 to 2009.