The EBL began the season without the defending champion Original Celtics or the weak Wilkes-Barre club. New teams were added in Philadelphia and Atlantic City to bring the membership back up to six clubs. Last season’s problems of imbalance remained critical. Trenton and Camden could not be defeated by any of the other members of the league. The two New Jersey giants locked into entertaining, closely contested struggles against each other, but they toyed with the rest of the members of the league. In a typical game Trenton humiliated Philadelphia by a 32-8 score in an early December game, with the Jaspers managing to score their only points from the free throw line.
In late November, the Original Celtics signed to represent Atlantic City in the EBL and quickly reeled off five victories in six games. The Celtics did not draw large enough crowds to support their expensive guarantee, however, and within a few weeks pulled out of the league. The Celtics departure did nothing to solve the fundamental problem of the lesser teams’ inability to compete with the powerhouses in Camden and Trenton. The Atlantic City franchise staggered on a while longer, but along with Reading, dropped out at the end of the first half, reducing the league to just four teams. In hopes of saving the league, pleas were made to the New Jersey owners to release some of their players to the remaining teams to balance the competition, but they refused. In January of 1923, after twelve years as the premier professional league, the Eastern Basketball League disbanded.