After two lackluster seasons in Houston, where they struggled to draw fans, the newly minted Carolina Cougars decided to employ a unique marketing strategy of becoming a regional team for North Carolina. While based in Greensboro, the Cougars also regularly played in Charlotte and Raleigh.

New Cougars Owner James C. Gardner had a role in the power structure of the ABA, briefly taking over as commissioner when George Mikan resigned.

The new Cougars got off to a strong start winning home games in Greensboro and Charlotte to start the season. With Bob Verga leading the way with 27.

5 ppg the Cougars posted a . 500 record of 42-42, making the playoffs while finishing in third place.

However, the Cougars stay in the playoffs would be a short one as they were swept by the Indiana Pacers. Despite the playoff disappointment the Cougars had solid attendance figures particularly when they played in Greensboro.