Front Row (l-r):Mgr. Steve Skoronski, Eric Kirchner, Ray Tolbert, Glen Grunwald, Steve Risley, Phil Isenbarger
Middle Row (l-r): Asst. Coach Gary Gimelstab, Asst. Coach Jene Davis, Chuck Franz, Randy Wittman, Isiah Thomas, Ted Kitchel, Asst. Coach Jim Crews, Trainer Bob Young
Back Row (l-r): Team Dr. Dr. Brad Bomba, Head Coach Bob Knight, Landon Turner, Mike LaFave, Steve Bouchie, Tony Brown, Jim Thomas, Vol Coach Steve Downing
| WINNING COACH | MOST OUTSTANDING PLAYER |
 |
 |
| BOB KNIGHT | ISIAH THOMAS | INDIANA |
| Location: The Spectrum | Philadelphia, Pennsylvania | |
| March 30, 1981 | |
FINAL FOUR
| Player | FG-FGA | FT-FTA | REB | PF | PTS |
| Indiana | |||||
| Kitchel | 0-1 | 0-0 | 0 | 3 | 0 |
| Turner | 5-8 | 2-2 | 6 | 5 | 12 |
| Tolbert | 1-4 | 3-6 | 11 | 0 | 5 |
| I.Thomas | 8-17 | 7-8 | 2 | 4 | 23 |
| Wittman | 7-13 | 2-2 | 4 | 2 | 16 |
| Risley | 1-1 | 3-4 | 4 | 1 | 5 |
| J.Thomas | 1-4 | 0-0 | 4 | 2 | 2 |
| Team | 0 | ||||
| Totals | 23-48 | 17-22 | 33 | 17 | 63 |
| North Carolina | |||||
| Wood | 6-13 | 6-9 | 6 | 4 | 18 |
| Worthy | 3-11 | 1-2 | 6 | 5 | 7 |
| Perkins | 5-8 | 1-2 | 8 | 3 | 11 |
| Pepper | 2-5 | 2-2 | 1 | 1 | 6 |
| Black | 3-4 | 0-0 | 2 | 5 | 6 |
| Budko | 0-1 | 0-0 | 1 | 0 | 0 |
| Doherty | 1-2 | 0-1 | 4 | 4 | 2 |
| Braddock | 0-2 | 0-0 | 0 | 1 | 0 |
| Brust | 0-0 | 0-0 | 1 | 0 | 0 |
| Kenny | 0-1 | 0-0 | 1 | 0 | 0 |
| Team | 0 | ||||
| Totals | 20-47 | 10-16 | 29 | 23 | 50 |