The Panthers, led by 17th-year head coach Ben Jacobson, played their home games at the McLeod Center in Cedar Falls, Iowa as members of the Missouri Valley Conference.

In the MVC tournament, they defeated Illinois State in the opening round before losing to Bradley in the quarterfinals.

With a win over Loyola on February 26, 2022, the Panthers won the regular season MVC championship.

They defeated Illinois State in the quarterfinals of the MVC tournament before losing in the semifinals to Loyola.

1 seed who didn't win their conference tournament, they received an automatic bid to the National Invitation Tournament where they defeated Saint Louis in the first round before losing in the second round to BYU.