The 1972–73 season was the third season of the Portland Trail Blazers in the National Basketball Association (NBA). After finishing the previous season at 18-64, the Blazers earned the first overall selection in the 1972 NBA Draft, and infamously picked LaRue Martin over future Hall-of-Famer Bob McAdoo. LaRue would average seven points per game over a four-season NBA career. The Blazers finished at 21-61, a marginal three-game improvement from the previous season.
September 11, 1972 — Waived forwards Ron Knight and Jim Marsh and received a second round pick in the 1974 NBA Draft from the Philadelphia 76ers as compensation for signing veteran free agent forward Gary Gregor.
December 6, 1972 — Waived guard Dave Wohl, who was claimed by the Buffalo Braves
April 24, 1973 — Traded a first round and third round pick in the 1973 NBA Draft to the Cleveland Cavaliers in exchange for forward John Johnson and forward-center Rick Roberson and a first round pick in the 1973 NBA Draft.
June 21, 1973 — Guard-forward Terry Dischinger retired