2006-07) started on July 8, 2006 at the Araneta Coliseum and ended on October 2, 2006 also at the same venue with the UST Growling Tigers defeating the Ateneo Blue Eagles in the third game of their Finals series.

UST finished tied for third in the eliminations and had to beat the 2nd seed UE Red Warriors twice in order to qualify at the Finals.

2005 losing finalists De La Salle Green Archers were suspended when it was revealed that two players used spurious documents to enter college.

[1] New coaches include the comebacking Joe Lipa for the UP Fighting Maroons, Leo Austria for the Adamson Falcons, and Pido Jarencio for the UST Growling Tigers.

Results on top and to the right of the dashes are for first-round games; those to the bottom and to the left of it are second-round games.Adamson make their first Final Four appearance since the format's first application in 1994.

The Growling Tigers opened the season with a stunning loss against the UP Fighting Maroons on a buzzer-beater shot by Marvin Cruz.

But Adamson still faced a rocky ride, losing to top contenders, Ateneo and FEU but beating UP and UST to end the first round with an even 3–3 record.

But with center Ken Bono posting MVP numbers, Adamson brought itself in the hunt for that elusive Final Four berth.

Adamson gave Ateneo two one-point victories in the elimination round, with the Eagles escaping due to their endgame heroics.

A see-saw game until the fourth quarter, when Ken Bono of the Falcons converting a three-point play with 18.3 seconds remaining, to cut the Ateneo lead to, 74–73.

On the next possession, Soaring Falcon Patrick Cabahug missed a fadeaway jumper, which led to an Atenean rebound.

The Tigers have no players with playoff experience, save for Jemal Vizcarra who was out of the season by the second game due to an Anterior cruciate ligament (ACL) injury.

UE then led by as much as five points, but the Tigers fought back, forcing turnovers and grabbing offensive rebounds, to tie the score at 79-all.

With a UST turnover and several seconds remaining, Red Warrior Jorel Cañizares missed a medium-range jump shot.

Ateneo coach Norman Black immediately called a time-out over the tumultuous din of the rejoicing UST fans.

Eric Salamat was forced to foul June Cortez, who converted his first and missed his second, which led to the Ateneo rebound with 3.6 ticks left.

Jai Reyes heaved a desperation three-pointer that missed the ring completely, causing jubilation to the golden half of the Coliseum.

An estimated 20,000 packed the Araneta Coliseum including United States Ambassador to the Philippines Kristie Kenney and Senator Richard Gordon .