On February 14, 1966, Mount appeared on the cover of Sports Illustrated, which featured him standing in front of a barn located in Boone County, Indiana.

He finished his Lebanon career with 2,595 points, at the time it was the second-highest total in Indiana high school history; as of December 2021, he is seventh.

Instead, he stayed home and attended Purdue University in West Lafayette, Indiana, just 35 miles (56 km) northwest of his hometown where he played basketball under head coach George King.

In his first varsity game, Mount scored a game-high 28 points in a last-second, two-point loss to a top-ranked UCLA team and Lew Alcindor.

[9] In his junior season at Purdue, along with seniors Billy Keller and Herm Gilliam, he led the Boilermakers to a Big Ten Conference title and the school's first NCAA tournament appearance, where he led the Boilers to the NCAA Championship game where they lost to a Lew Alcindor-led UCLA.

In a win against Marquette to bring the Boilers to the Final Four, Mount is remembered for his "leaping lofter" game-winning shot with two seconds left in overtime.

He twice had officials adjust the same goal prior to the NCAA Finals game at Freedom Hall in Louisville, Kentucky.

Leading Purdue to an 18–6 season, he averaged 35.4 points a game and took his second straight First Team All-American and Big Ten Player of the Year honors.

At the time, it was also the Big Ten scoring record, surpassing the total of Indiana's Don Schlundt.

He broke numerous Purdue scoring records that were held by Dave Schellhase and Terry Dischinger.

At the time, the ABA was the only professional league that featured a three-point line, which worked to Mount's advantage.

Along with college teammate Billy Keller and Roger Brown, they made Indiana a constant threat beyond the arc.

Teamed with Dan Issel, he averaged 17 points in playoff games while leading the Colonels to the ABA Finals against his former Pacers.

For the third straight season, Mount led a different team to the ABA Finals, eventually losing to the New York Nets.

Known mainly for his scoring abilities in high school and college, Mount contributed in a greater variety of ways during his pro career.

His son, Rich, played on the Purdue basketball team for two seasons (1989–1991) before transferring to Virginia Commonwealth (VCU).

Purdue is among Mount's customers for the "Shoot-A-Way" retrieval system, a device which returns a basketball down a track to a player after a shot.

Rick left college 10 credits shy of his degree; that decision later affected his opportunity to be a head coach at an Indiana high school.