The Phoenix, led by interim head coach Freddie Owens, split their home games between the Resch Center in Ashwaubenon, Wisconsin and the Kress Events Center in Green Bay, Wisconsin.

10 seed in the Horizon League tournament, they lost to Wright State in the first round.

On January 31, 2023, third-year head coach Will Ryan was fired after starting the season 2–19.

They lost in the first round of the Horizon League tournament to Detroit Mercy.

Sources: The Panthers were picked to finish in tenth place in the Horizon League in the coaches' poll, receiving a total of 111 points.