Juwan Howard and Jason Bossard served as team co-captains, while Howard shared team MVP honors with Jalen Rose. The team's leading scorers were Jalen Rose (636 points), Juwan Howard (625 points), and Jimmy King (358 points). The leading rebounders were Juwan Howard (270), Ray Jackson (195), and Jalen Rose (182).
The team surpassed the 1986 team’s single-season total of 265 steals with 267 to establish the current school record.
In November 2003, Mitch Albom released his book Fab five: basketball, trash talk, the American dream chronicling the recruiting of and first two years of play of the Fab Five. After Chris Webber left for the NBA, the team entered the season ranked fifth in the nation as it opened the season against number 13 Georgia Tech. Michigan found itself with a 21–6, (13–4 Big Ten) record and tied with the Purdue Boilermakers for the conference lead with one game remaining. Michigan then lost (for the third time in its last four games) to a struggling Northwestern Wildcats team, and finished second in the conference. After the season, Howard was selected as a first team All-Big-Ten member along with Glenn Robinson, Rose, Shawn Respert, and Damon Bailey. In the opening round of the 1994 NCAA Men's Division I Basketball Tournament, Howard helped Michigan survive with a 78–74 overtime victory over Pepperdine by scoring 28 points and adding 9 rebounds before fouling out. In the second round, Howard posted 34 points and 18 rebounds to lead the team to an 84–79 victory over Texas. Michigan faced a Joe Smith-led Maryland in the Sweet Sixteen round. Howard scored 24 and had 11 rebounds before fouling out with 2:49 remaining in the 78–71 victory. Howard earned the regional MVP award with a game-high 30 points and 13 rebounds despite collecting two fouls in the first two minutes in the Elite Eight round against a victorious Arkansas team that had United States PresidentBill Clinton as a vocal supporter. After the season, Howard announced his intention to enter the 1994 NBA Draft. The following day, Rose announced he would enter the draft as well.