The Kentucky Colonels won the 1975 ABA Championship after winning the Eastern Division; the Denver Nuggets won the Western Division. Julius Erving and George McGinnis shared the league's MVP award.
Prior to the start of the season the Eastern Division changed as the Memphis Tams gave way to the Memphis Sounds and the Carolina Cougars relocated and became the Spirits of St. Louis. The Western Division remained unchanged save for the Denver Rockets renaming themselves the Denver Nuggets.
The ABA and NBA continued playing preseason exhibition games between their teams. The ABA won 16 of the 23 games, to 7 wins for the NBA. Among those games was the Pacers' first game in Market Square Arena in which they defeated the Milwaukee Bucks 118-115 before a standing room only crowd of 17,287; Bob Dandridge had 46 points and Kareem Abdul-Jabbar 26 for the Bucks.
On February 14, 1975, Julius Erving of the New York Nets scored a team-record 63 points against the San Diego Conquistadors in a four overtime game.
The 8th ABA All-Star Game was played on January 28, 1975, in San Antonio, Texas. 10,449 attended. The East was coached by Kevin Loughery of the New York Nets and the West was coached by Larry Brown of the Denver Nuggets. The East won 151-124; Freddie Lewis of the Spirits of St. Louis was the game's MVP after scoring 26 points.
The Denver Nuggets posted the ABA's best record of the season, winning the Western Division with a record of 65-19 (.774). That record was second best in ABA history, behind only the 1971-72 Kentucky Colonels' mark of 68-16 (.810). The 1974-75 Nuggets also finished second in ABA history behind the 1971-72 Colonels for team scoring difference, outscoring their opponents by an average of 8.40 points per game to the 1971-72 Colonels' 8.98 points