It is not a conference, but rather a group of NCAA Division I basketball schools who compete for the city’s collegiate championship.

Three of the six schools (La Salle, Saint Joseph's and Villanova) are Catholic, while Temple is the only public university in the Big 5.

The group showcased Philadelphia's basketball talent and helped pay for the upkeep on the Palestra, located on the University of Pennsylvania's campus, where the games historically took place.

All schools agreed to split ticket and concessions revenues equally once Penn was paid for upkeep costs on the Palestra.

The rivalry is influenced by the two schools' Catholic affiliations, with Saint Joseph's being a Jesuit university, and Villanova being Augustinian.

In a 2005 matchup between the two schools, Hall of Fame Temple head coach John Chaney, who was frustrated with the officiating in the game, ordered his players to intentionally foul Saint Joseph's forward John Bryant, a move that Chaney described as sending in "the goons".

Bryant fractured his arm as a result of the fouling, drawing anger from many Saint Joseph's fans, and Chaney's actions were seen as highly unsportsmanlike.

[7] According to The Athletic, talks about reforms to the Big 5 began prior to the doubleheader as school administrators felt there was a decline in the series due to Villanova's recent dominance and many of the top local recruits opting not to play college basketball in Philadelphia.

[7] In January 2023, the Big 5 announced a new format for the men's competition, which would include the addition of Drexel as a member of the series.

[1] Some criticized the move as it eliminated the full round-robin nature of the Big 5 and games would no longer be primarily played at the Palestra.

However, unlike the men's showcase, the women's event is held at the Finneran Pavilion, located on the campus of Villanova University.

Prior to Drexel's admission to the Big 5, the school would typically be represented instead of Villanova due to meetings primarily revolving around issues in Philadelphia proper.