The Tigers were led by fourth-year head coach Penny Hardaway.

The team played their home games at FedExForum as members of the American Athletic Conference.

They defeated UCF and SMU to advance to the championship game of the AAC tournament where they lost to Houston.

On June 11, 2021, speculation emerged that Penny Hardaway was a candidate for multiple head coaching jobs in the NBA including his former team, the Orlando Magic.

[2] Two days later, via Instagram, Hardaway confirmed he was not leaving the University of Memphis, and reports emerged that Hall of Fame coach Larry Brown had accepted an offer to be his assistant.