The Pit, one of U.S. college basketball's premier arenas, opened on the campus of the University of New Mexico.

The Pit is an indoor arena in Albuquerque, New Mexico, serving primarily as the home venue of the University of New Mexico Lobos basketball teams. The facility opened in 1966 as University Arena but gained the nickname "The Pit" due to its innovative subterranean design, with its playing floor 37 feet (11 m) below street level. The arena is located on the UNM South Campus and has a seating capacity of 15,411 for basketball and up to 13,480 for concerts, with 40 luxury suites and 365 club seats.

College basketball is basketball that is played by teams of student-athletes at universities and colleges. In the United States, colleges and universities are governed by collegiate athletic bodies, including the National Collegiate Athletic Association (NCAA), the National Association of Intercollegiate Athletics (NAIA), the United States Collegiate Athletic Association (USCAA), the National Junior College Athletic Association (NJCAA), and the National Christian College Athletic Association (NCCAA). These national affiliation organizations may be subdivided into divisions, generally based on the number and level of scholarships that may be provided to the athletes. Institutions that play in Division II of the NCCAA are typically small Bible colleges. Some institutions may have multiple affiliations with the most common being USCAA and NCCAA. The NCAA does not allow this. An institution does not need to join a national affiliation orginaization to play college basketball, but this is very rare. As of 2025, Cheyney, a former NCAA member, fields a team with no national affiliation.

The University of New Mexico is a public research university in Albuquerque, New Mexico, United States. Founded in 1889 by the New Mexico Territorial Legislature, it is the state's second oldest university, a flagship university in the state, and the largest by enrollment, with 22,630 students in 2023.