For the 30th consecutive season, the tournament was held at Madison Square Garden in New York City, from March 6–10, 2012.

The tournament was the last to feature participation from West Virginia as they joined the Big 12 Conference on July 1, 2012.

In the final, Louisville defeated Cincinnati, 50–44, to win their second Big East championship in school history.

Louisville guard Peyton Siva received the Dave Gavitt Trophy as the most outstanding player of the tournament.

Louisville guard Peyton Siva was awarded the Dave Gavitt Trophy as the tournament's most outstanding player, the first time a Louisville player received the tournament MVP award.