In the 1972 NBA Draft, Bibby was drafted by the New York Knicks and played for the team for two and a half seasons, which included an NBA title in 1973. That team featured eight future Hall-of-Famers—Willis Reed, Walt Frazier, Dave DeBusschere, Bill Bradley, Earl Monroe and Jerry Lucas, as well as future NBA coaching legend Phil Jackson and the team's then-coach, Red Holzman.
Bibby spent nine overall seasons in the NBA, and is mostly known for his time with the Philadelphia 76ers. He was a part of the 1977 and 1980 Sixers teams that made the NBA Finals but eventually lost both times.
Bibby started his coaching career in the Continental Basketball Association (CBA) and won two championships in 1982 and 1989.
He coached the Winnipeg Thunder.
In 1996, he was named coach of the men's basketball team at the University of Southern California (USC), and kept that position for nine seasons. Bibby had an overall won-loss record of 131-111 at USC. He led his 1997, 2001 and 2002 teams to the NCAA tournament, including a final "Elite Eight" appearance in 2001, but was fired after four games into his ninth season.
On April 7, 2005, he was named Head Coach of the Los Angeles Sparks of the Women's National Basketball Association (WNBA), replacing interim coaches Karleen Thompson and Ryan Weisenberg. However, only 28 games into the season, he was replaced by his Assistant Coach, Joe Bryant.