The Colonels claimed first place in the Eastern Division with a record of 58 wins and 26 losses but tied with the New York Nets for the division crown. The Colonels’ average home attendance was 8,727.

The Colonels began the playoffs with a one-game matchup against the New York Nets to determine who would be the first place in the Eastern Division. The Colonels won that game in Louisville 108-99. The Colonels then defeated the Memphis Sounds 4 games to 1 in the Eastern Division semifinals and defeated the Spirits of St. Louis 4 games to 1 in the Eastern Division finals. The Colonels met their rivals the Indiana Pacers for the ABA Championship and the Colonels prevailed, 4 games to 1, winning their first ABA Championship.

Colonels owner John Y. Brown offered one million dollars to the NBA Champion Golden State Warriors to play a world title game. The NBA and Golden State refused. Many believe the Colonels were the better team. Hubie Brown went on to coach many teams in the NBA but has always maintained (including in his Naismith Basketball Hall of Fame induction) that the 1974 – 1975 Colonels were the best team he coached.