Holman was an important player for the Original Celtics, which were no relation to the Boston Celtics. Also a gifted passer and excellent floor leader, Holman was a prototype of later playmakers. Although he played pro basketball until 1930, he took over the head coaching position at the City College of New York in 1920. Known as Mr. Basketball, Holman guided CCNY to the so-called grand slam of college basketball, winning both the NCAA and NIT titles in 1950.

In 1951, Holman's CCNY team became involved in a national point-shaving scandal that involved seven different schools. While several CCNY players, including Ed Warner and Ed Roman were arrested, the investigation cleared Holman of any wrongdoing. The scandal eventually led CCNY to de-emphasize athletics (CCNY eventually dropped down to the NCAA Division III in the 1963-64 season) and suspend Holman after the 1951–52 season. He returned for brief stints in 1954–56 and 1958–59, retiring for good in 1959. Holman compiled an overall record of 421–190 in 37 seasons at CCNY.

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