The Final Four consisted of Kentucky, making their third consecutive Final Four, Stanford, making their first appearance since their initial Final Four run in 1942, Utah, making their fourth Final Four and first since 1966, and North Carolina, who returned for a fourteenth overall time and third in four seasons.
Kentucky won the national title, its second in three seasons and seventh overall, by defeating Utah 78–69 in the championship game.
Jeff Sheppard of Kentucky was named the tournament's Most Outstanding Player. Kentucky came back from double-digit deficits in each of its last three games in the tournament, including a 17-point second half comeback against the Duke Blue Devils, leading to the school's fans dubbing the team the "Comeback Cats". This was Kentucky's third straight championship game appearance.
For the second consecutive season, a #14 seed advanced from the first round; Richmond, coached by John Beilein, upset South Carolina.
For the second time in three years, a top seeded team failed to advance to the Sweet Sixteen. That distinction belonged to Midwest Region #1 seed Kansas, who was defeated by #8 seed Rhode Island.
There were 30 automatic bids awarded to the tournament - of these, 28 were given to the winners of their conference's tournament, while two were awarded to the team with the best regular-season record in their conference (Ivy League and Pac-10).
# All of Michigan's wins from the 1997–98 season were vacated on November 7, 2002, as part of the settlement of the University of Michigan basketball scandal. Unlike forfeiture, a vacated game does not result in the other school being credited with a win, only with the removal of any Michigan wins from all records.
Jim Nantz/Billy Packer/Michele Tafoya – First & Second Round at Atlanta, Georgia; South Regional at St. Petersburg, Florida; Final Four at San Antonio, Texas
Greg Gumbel rejoined CBS Sports and for the first time served as the studio host, joined by analyst Clark Kellogg and former North Carolina coach Dean Smith.