The Consensus 1940 College Basketball All-American team, as determined by aggregating the results of four major All-American teams[1]. To earn "consensus" status, a player must win honors from a majority of the following teams: the Helms Athletic Foundation, Converse, and Madison Square Garden.
| Player | Class | Team |
|---|---|---|
| Gus Broberg | Junior | Dartmouth |
| John Dick | Senior | Oregon |
| George Glamack | Junior | North Carolina |
| Bill Hapac | Senior | Illinois |
| Ralph Vaughn | Senior | Southern California |
| Player | Class | Team |
|---|---|---|
| Jack Harvey | Senior | Colorado |
| Marv Huffman | Senior | Indiana |
| Jimmy McNatt | Senior | Oklahoma |
| Jesse Renick | Senior | Oklahoma A&M |
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