The participating teams were selected by the National Invitation Tournament (NIT) selection committee using numerous resources such as computer rankings, results (head-to-head, chronological, last 10 games played, non-conference), and polls. The first round, second round, and quarterfinal games are held at the home court of the higher seed. The semifinal and final round are played at Madison Square Garden in New York City, New York. The 32 participating teams were announced on March 11, 2007. This is the first time since the NIT began seeding that all of the #1 seeds made the Final Four. Not only that, but both of the semifinal matches between the #1 seeds were one point games.

Thirty-two NCAA Division I teams participated in the 2007 NIT. The number of participating teams was reduced from the 40 of the recent past to 32. Teams are chosen by the NIT selection committee based on numerous resources, including "computer rankings, head-to-head results, chronological results, Division I results, non-conference results, home and away results, results in the last 10 games, polls and the coaches' regional advisory committee's rankings". The teams are then seeded according to the NIT's procedures for seeding teams. The teams are then placed into four regions: East, South, West, and North.

The first round took place on March 13, 2007, and March 14, 2007. The higher-seeded team hosted each game.

The second round took place March 15, 2007, through March 19, 2007. The higher-seeded team hosted the game.

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