
Russell and the team set numerous Big Ten Conference records. He won the numerous national player of the year awards including the Oscar Robertson Trophy, Associated Press College Basketball Player of the Year, UPI College Basketball Player of the Year, Sporting News Men's College Basketball Player of the Year and the Helms Foundation College Basketball Player of the Year. Following the season Russell was the Number one overall player selected in the NBA Draft. When Russell was selected as a 1966 NCAA Men's Basketball All-American for the third year in a row it was the first three-time recognition for a Wolverine. Russell won the Chicago Tribune Silver Basketball as Big Ten MVP for a second year in a row. The team then fell to the Kentucky Wildcats 84–77. In the 22-team 1966 NCAA Division I men's basketball tournament, Michigan reached the elite eight in the Mideast region by earning a bye and defeating the Western Kentucky Hilltoppers 80–79. This surpassed Oliver Darden's total of 11 set the prior season.
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On February 18, 1966, Craig Dill went 12 for 12 in free throw attempts against Ohio State, which was a school single-game record for most without a miss until C. Oliver Darden served as team captain, while Russell earned team MVP. The team also finished the season ranked number seven in the final UPI Coaches' Poll. The team was ranked in the Associated Press Top Ten Poll ten of the fifteen weeks, starting the season ranked number two and ending it ranked number nine. Rusell also led the conference in field goal percentage (.542).

Senior Cazzie Russell averaged 30.8 points per game, including 33.2 in conference games to lead the conference. The team earned the Big Ten team statistical championships for both scoring offense (95.4) and scoring margin (9.9) as well as field goal percentage (48.9). This was the last of three consecutive Big Ten titles and NCAA Division I men's basketball tournament appearances.
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Under the direction of head coach Dave Strack, the team won the Big Ten Conference Championship. Yost Field House (renamed Yost Ice Arena in 1973) on the school's campus in Ann Arbor, Michigan. The team played its home games at Fielding H. The 1965–66 Michigan Wolverines men's basketball team represented the University of Michigan in intercollegiate college basketball during the 1965–66 season.
