The Sycamores' first season was 1896, making them the oldest basketball team in the NCAA along with Bucknell, Minnesota, Washington and Yale; however, the records from 1896 to 1899 have been lost over time.

However, it lost the national title game versus the Magic Johnson-led Michigan State team; and ended the season with a record of 33–1.

Over the decades, the Sycamores were led by All-Americans Larry Bird, Duane Klueh, Dick Atha, Lenny Rzeszewski, Butch Wade and Jerry Newsom.

Former assistants include collegiate head coaches such as Rick Ray (Mississippi State, Southeast Missouri), Rob Flaska (Centenary), Jim Saia (Cal State-Los Angeles), Stan Gouard (Univ of Southern Indiana) and Benjy Taylor (North Central, Hawai'i and Tuskegee), Thad Matta (Butler, Xavier, Ohio State), Kareem Richardson (Missouri-Kansas City), Phil Hopkins (Western Carolina), Mel Garland (IUPUI), and NBA Great Mel Daniels.

By earning the bid, the Sycamores joined a select group of college teams hand-picked by the Amateur Athletic Union, the U.S. governing organization.

Despite vaulting to a 10–0 lead, maintaining a 16–10 halftime advantage and outscoring the hosts from the field, Marks' cagers lost on a long shot in the waning moments of the game, 29–28.

Subsequently, Coach John Longfellow and eight Sycamore players were invited to represent the United States in the inaugural (1951) Pan American Games, held in Buenos Aires, Argentina.

The United States defeated the national teams of Ecuador (74–32), Cuba (77–55), Panama (90–55) and Brazil (69–42) to reach the championship game against Argentina.

In addition, 'All-Decade' teams were selected for the following: The rosters and more information can be found in the Winter 1999 (Volume 3, Number 1) issue of the 'Indiana State University Alumni Magazine.

They are: 45+ Indiana State players have played in foreign leagues; DeCarsta Webster and Brad Miley both won titles in Iceland, David Moss, Jayson Wells, and Djibril Kante have each won multiple championships in European and South American leagues Hall of Fame Sycamores Thirty-two former Sycamores players and coaches have been inducted into various Halls of Fame; they are: In addition to the Conference Hall of Fame; the MVC selected an All-Centennial Team in honor of the Conference's 100th Anniversary; the Sycamores had three players named to that team; Larry Bird, Carl Nicks and John Sherman Williams.