Factual error: During most of the basketball games, you can see an American flag in the background. This is not the problem, the problem is that it is hung wrong, the stars should always be on the top LEFT not RIGHT.
Continuity mistake: In the first act, two of the seven Hoosiers leave the team after Hackman takes over as coach. Shortly after, one of the players apologetically returns, bringing the total to six. The seventh member, "Buddy," is never shown returning, but halfway through the film you start seeing him again in the games.
Factual error: As the team begins the Indiana state tourney (always held in March) the team bus is shown driving by fields of corn. No corn in Indiana at this time of year. The crop is harvested before the season starts.
Continuity mistake: During the game against the Wildcats (the orange team) the incorrect score is often seen in the background. For example, the score changes from 50-51 to 36-36. This happens several times throughout the game.
Factual error: Norman Dale driving west to Indiana in 1951 on an interstate highway. The Interstate system wasn't started until 1956.