Murray State defeated Austin Peay in the championship game, 88–85 in OT, to win their eighth overall OVC men's basketball tournament.
The Racers received an automatic bid to the 1997 NCAA tournament as the No. 15 seed in the Southeast region.
Format
Eight of the ten conference members participated in the tournament field. They were seeded based on regular season conference records, with play beginning in the quarterfinal round. Eastern Kentucky and UT Martin did not participate.