The team made national headlines when the LA Times and Fresno Bee reported two players, Chris Herren and Dominick Young, were "point-shaving" in five to seven games.
The March 1997 story claimed the players were given jewelry and paid $1,000 to $2,000 per game.
The article cited unnamed bookies as the sources.
One of Young's attorneys said the accusations were not credible.
"What you're doing is you're taking an anonymous, illegal bookie, and that bookie is saying he or she, the bookie has a reliable source, boy that would be like me going to the prisoners and asking them what they think about the sheriff. Is that a reliable source?" one of Young's attorneys in 1997, Mike Idiart, said.
The allegations surfaced as Action News anchor Dale Yurong was covering the dogs at the WAC tournament.
He was able to grab Coach Tarkanian ahead of their loss.
"For them to run an article like that when it is all innuendos and rumors is absolutely sick," Tarkanian told Yurong.
RELATED: Questions on Fresno State coach Vance Walberg's job security swirl amid betting scandal
"I remember him saying that he didn't believe the allegations first of all and that if any of his players were involved in point-shaving, then he would stop coaching," Yurong recalled about that day.
"Well, he went on to coach five more years."
Two days after the article came out, Young held a press conference to defend himself.
"It is untrue and I am shocked and angry that I must stand here in front of you today to deny something as terrible as point-shaving," Young said in the presser.
Herren also said he was innocent of any wrongdoing.
After an investigation, a federal grand jury did not find proof of the allegations.
Neither player was ever suspended and Herren went on to play in the NBA.
For news and weather updates, follow Tiffany Olin on Facebook, Twitter and Instagram.