Johnson arrived in 1920 after a successful athletic career at the University of Michigan. Roy Johnson, nicknamed 'Old Iron Head', was fundamental to the early development of Lobo athletics. The arena has frequently hosted NCAA tournament games, including the 1983 NCAA Final Four that featured one of the most memorable finishes in tournament history. The Pit opened in 1966 and the Lobos have been dominant playing there, winning over 80 percent of their games, while regularly placing among national leaders in attendance. The most renowned enduring feature of the Lobo basketball program is its home venue, known as 'The Pit', recognized as one of the best college basketball arenas in the country. In addition to Daniels, other prominent players produced by the Lobo program include five-time NBA champion Michael Cooper, three-time NBA champion Luc Longley, NBA all-star Danny Granger, and Kenny Thomas. They have won the MWC regular season championship and the conference tournament four times each. The Lobos became frequent participants in the NCAA tournament during the 1990s and have made 15 appearances overall, as well as 19 NIT appearances.

The success of the program continued after King departed, winning WAC titles in 1974, 1978, and 1994, winning the conference tournament in 19, and regularly earning post-season tournament bids.

The team reached the NIT tournament final in 1964 and received its first bid to the NCAA tournament in 1968. The Lobos won the Western Athletic Conference (WAC) championship in 19, making frequent appearances in national rankings. King transformed a moribund program into a consistent winner and produced future ABA MVP Mel Daniels. Lobo basketball first achieved national prominence after Bob King was hired as head coach in 1962. The university established basketball as a varsity sport in 1899 and began competing with regional colleges after establishing an athletics department in 1920. The New Mexico Lobos men's basketball team represents the University of New Mexico, competing in the Mountain West Conference (MWC) in NCAA Division I.

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