OK, I can't say I really loved Hoosiers in the first place --I thought the drama was too thick-- but the fact that it was a true story gave it a big boost in my opinion. No more. According to this web site (link from Randy Barnett) the entire movie is made up. The history and personality of the coach, the difficulties in getting the town and players to go along, the stories of the players, the alcoholic assistant coach, the love story subplot, the many clutch games --all fiction. The only thing in the movie that was true is that a small Indiana high school won the state championship.
I'm sorry but once you use that level of revision, calling the movie "based on a true story" is just a lie.