With four top teams joining the Basketball Association of America, the National Basketball League, made up primarily of industrial teams in the Midwest were looking to add replacement teams to keep the league competitive. One of the new teams was placed in the Central Iowa town Waterloo.

The Waterloo Hawks were coached by Charley Sipp, a five-time NBL All-Star. The Hawks were no pushover, as they hovered near .

500 all season. However, they would miss the playoffs by three games, posting a record of 30-32 as they finished fourth in the Western Division.