Built around top players from the United States Gold Medal winning team at the 1948 London Games, the Indianapolis Olympians were to join the National Basketball League in 1949 after the Indianapolis Kautskys joined the Basketball Association of America. Instead, the Olympians themselves would join the BAA, as the two leagues merged and became the National Basketball Association.

The Olympians would again replace the Kautskys, who became the Jets after the team decided to fold following the merger, knowing the Olympians had a stronger roster and management. Despite being an expansion team, the Indianapolis Olympians, coached by Cliff Barker, would be one of the top teams in the NBA after opening the season with a 71-64 win over the Denver Nuggets at the Butler Fieldhouse.

Alex Groza, who was a member of the 1948 Olympic Team, was one of the top stars in the NBA with a league-best . 478 shoot percentage and was named a first-team All-Star with 23.

4 points per game, while also winning Rookie of the Year honors. Ralph Beard, who was Groza's teammate at Kentucky and the 1948 Summer Games, also had an outstanding season with 14.

9 ppg, earning second-team All-NBA honors. Olympic team members Wallace Jones and Cliff Barker were also a part of the Indianapolis team that won the Western Division with a record 39-25.

The Olympians would fight off a challenge from the Sheboygan Red Skins in the opening round of the playoffs needing the full three games to advance, as the home team won each game in the series. Looking to reach the semifinals, the Olympians again had a tough test against the Anderson Packers as the home team won the first two games in the three games series.

This time, however, the Olympians would come up short, losing 67-65 in Game 3 at home.