Oscar Robertson, honored as Player of the Century by the NABC in 2000; former UCLA coach John Wooden, honored as Coach of the Century that same year; Bill Russell, Dean Smith and Dr. James Naismith, inventor of the game of basketball, were the first inductees.

At the 2007 NCAA Final Four in Atlanta, the five inductees were honored at halftime of the first semifinals game in a ceremony carried on the CBS telecast.

Prior to his all-star NBA career with the Cincinnati Royals and Milwaukee Bucks, The Big O was the first player to lead the NCAA in scoring three straight years and to win Player of the Year honors three times while at the University of Cincinnati. He co-captained the 1960 U.S. Gold Medal team in the Olympics. The Big O was presented for induction by Wayne Embry, his former Royals teammate and Milwaukee Bucks general manager.

Before leading the Boston Celtics to 11 NBA titles in 13 seasons, Bill Russell led University of San Francisco to two consecutive NCAA titles and led the U.S. Gold Medal team in the 1956 Olympics. He was presented for induction by Bobby Knight, coach at Texas Tech University.

John Wooden, who was an All-American player at Purdue University, coached UCLA to an NCAA record unbeaten streak of 65 games and a record 10 NCAA championships before he retired in 1975. He was presented for induction by former UCLA and NBA star Bill Walton.

Dean Smith, a member of University of Kansas' 1952 NCAA champions, served as head coach at University of North Carolina for 36 years. He set the all-time college coaching record for wins with 879 and won two NCAA titles. He was presented for induction by Larry Brown, one of his former players who became the first coach to win both NBA and NCAA championships.

Dr. James Naismith (1861-1939) invented the game of basketball at a YMCA in Springfield, MA, in 1891. From 1898-1937 he was the first basketball coach and taught at University of Kansas, which became known as the cradle of college basketball. He was represented by his grandson Ian Naismith, producer of the documentary film about Dr. Naismith, "Basketball Man."