Beginning with the 1986 tournament, the shot clock was set at 45 seconds, which it would remain until being shortened to 35 seconds beginning in the 1994 NCAA Men's Division I Basketball Tournament, and further shortened to 30 seconds (the same as NCAA women's basketball) starting with the 2016 NCAA Men's Division I Basketball Tournament. The 1986 NCAA Men's Basketball Championship Tournament was the first tournament to use a shot clock limiting the amount of time for any one offensive possession by a team prior to taking a shot at the basket. Louisville became the first team from outside a power conference to win the championship since the expansion to 64 teams, and remains one of only two teams to do so (the other team was UNLV in 1990). Pervis Ellison of Louisville was named the tournament's Most Outstanding Player. Louisville, coached by Denny Crum, won the national title with a 72–69 victory in the final game over Duke, coached by Mike Krzyzewski. It began on March 13, 1986, and ended with the championship game on March 31 in Dallas, Texas. The 1986 NCAA Division I Men's Basketball Tournament involved 64 schools playing in single-elimination play to determine the national champion of men's NCAA Division I college basketball.

Reunion Arena in Dallas hosted the semi-finals and championship game.

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