The team entered the NCAA Division I men's basketball tournament as the last seed in the 8-team tournament. In the first match, Holy Cross defeated the United States Naval Academy in front of a sold-out crowd at Madison Square Garden by a score of 55 to 47. Mullaney led the team in scoring with 18 points, mostly in part to Navy coach Ben Carnevale's decision to have his players back off from Mullaney, who was reputed as being more of a playmaker than a shooter.[3] In the semi-final match, Holy Cross faced the City College of New York (CCNY), coached by Nat Holman, one of the game's earliest innovators. The Crusaders, led by Kaftan's 30-point game, easily defeated the Beavers 60–45.[4] In the championship game, Holy Cross faced the University of Oklahoma, behind coach Bruce Drake, in another sold-out game at Madison Square Garden. Kaftan followed up the semi-final match with 18 points in the title game, leading the Crusaders to a 58–47 victory against the Sooners.[4]
Holy Cross became the first school from the New England area, as well as the state of Massachusetts, to win a national college basketball title. The Crusaders finished the 1947 season with 23 straight wins. Afterward, 35,000 people watched a parade in the team's honor on Holy Cross Day in Worcester. Future NBA legend Cousy was named AP and UP player of the year, and George Kaftan was voted to the all-decade team of the 1940s by the NCAA in 1989.