University Arena opened as the home venue of the Lobos on December 1, 1966. Because the playing surface is 37 feet below grade, students nicknamed the arena "The Pit," and the nickname stuck. The team began the 1966–67 season ranked 6th in the country and rose to #5 before winning at #2 UTEP, the defending national champion and highest-ranked team New Mexico had ever beaten at that point. The Lobos reached #3 with an 11–1 record but then lost four straight and fell out of the rankings. Despite a disappointing WAC campaign, they received a bid to the NIT. The Lobos beat Syracuse in the first round before losing to Rutgers, finishing the season 19–8 and ranked #18 in the UPI. Daniels averaged 21.5 points and 11.6 rebounds a game, finishing his career with a still-team record 44 double-doubles, and he became the first Lobo to be named as an All-American. He was selected as the ninth pick overall in the 1967 NBA draft by the Cincinnati Royals, but he chose to play in the fledgling American Basketball Association (ABA), becoming one of its greatest all-time players. He was named the first ABA Rookie of the Year in 1968, ABA Most Valuable Player in 1969 and 1971, and he led the Indiana Pacers to three ABA championships.