Six teams made the playoffs in 1948, and the two teams with the best regular-season records received byes. The Baltimore Bullets tied with the Washington Capitols and the Chicago Stags for second place in the Western Division. As a result, the Bullets had to win a tiebreaker game to earn a playoff berth.
The Bullets were a new team to the BAA. They joined after four teams (the Cleveland Rebels, Detroit Falcons, Pittsburgh Ironmen and Toronto Huskies) folded following the league's inaugural season. The Bullets previously played in the American Basketball League, where they won four straight titles.
The Philadelphia Warriors had home-court advantage in the Finals by virtue of winning the Eastern Division, even though the Bullets posted a better regular-season record.
The Warriors' Joe Fulks led the BAA in regular-season scoring average for a second straight season by posting 22.1 points per game. Entering the Finals, the Warriors were coming off a victory over the St. Louis Bombers in the first playoff series to go seven games in league playoff history.
| Team | Bullets | Warriors |
| Regular Season | 28-20, T-2nd in Western Division | 27-21, 1st in Eastern Division |
| Tiebreaker | Def. Chicago Stags | None |
| Quarterfinals | Def. New York Knicks, 2-1 | Bye |
| Semifinals | Def. Chicago Stags, 2-0 | Def. St. Louis Bombers, 4-3 |
Philadelphia's 6-foot-9 center, Charles "Chick" Halbert, who was sold by the Chicago Stags in midseason for $7,500, led his team with 19 points. Future Hall of Fame inductee Joe Fulks chipped in 17.
22-year-old Cornelius "Connie" Simmons, who was acquired from the Boston Celtics 13 games before season's end, led the Bullets with 15 points, but other Baltimore player reached double figures.
The Warriors took Game 1 of a Finals Series for the second straight season in front of a home crowd of 7,201.
In front of what the New York Times called "a stunned crowd of 6,982," Baltimore outscored Philadelphia 46-22 in the second half of the game to come back for the victory. Baltimore ended up with the 3-point win despite making only 20 of 105 field goal attempts in the game.
Connie Simmons led the way for the Bullets with 25 points, and rookie Paul Hoffman added 12. Warriors star Joe Fulks led all scorers with 27 points, but went cold from the field late, and allowed Baltimore to get back in the game. Up by one with four seconds remaining, Baltimore's Hoffman tipped in a missed free throw to give his team the three-point win.
The 21-point halftime deficit still stands as the largest ever overcome by any team in an NBA Finals series.
On the next possession, Baltimore player-coach Buddy Jeanette took a pass from center Clarence "Kleggie" Hermsen, and drove for the game-winning layup with less than 10 seconds remaining.
Connie Simmons led the Bullets in scoring for the third straight game by posting 14 points. Despite having four players in double figures, including Joe Fulks with 21, the Warriors went down 2-1 in the Finals.
Led by Joe Fulks and Chick Halbert, who scored 29 and 20 points respectively, Philly marched back to rack up 47 points in the second half, including 30 in the fourth quarter alone, but it wasn't enough. Baltimore held on to its lead and took a 3-1 advantage in the series. Rookie Paul Hoffman led the Bullets with 27 points.
Warriors' star Joe Fulks suffered a knee injury in the fourth quarter and had to leave the game after scoring 19 points, and center Howie Dallmar fouled out after contributing 14. Three Bullets players, Connie Simmons, Kleggie Hermsen and Grady Lewis, fouled out late in the game, and Philadelphia took advantage for the 91-82 win.
Early on, it looked like the teams would play another close game with seven lead changes in the second quarter, but Baltimore took the lead with four minutes left in the first half, and didn't relinquish it for the rest of the game. The Bullets built their lead to 15 points after the third quarter, 63-48, and cruised to the win.
Philadelphia got 28 points from Joe Fulks, but no other Warrior managed double figures. Joseph "Chick" Reiser led the way for the newly-crowned champions with 16 points, and Baltimore player-coach Buddy Jeanette added 15 of his own.
The Bullets won $9,385 for winning the BAA Championship, and Philadelphia received $5,700 as the runner-up. Each member of the winning team received a $2,000 individual bonus.
Jeanette also received a television set from one of the team's sponsors, and the rest of the Bullets were given pen and pencil sets. The Bullets held their postgame championship celebration at a neighborhood deli in Baltimore.
The Warriors would later cite the exhausting seven-game semifinal series against St. Louis, which required 24-hour train trips to away games, as having sapped their energy for the Finals.




