Paxson, whose brother Jim Paxson also played in the NBA, was selected by the San Antonio Spurs of that league after averaging 12 points per game for his collegiate career.
Paxson is better known for his play during the 1993 NBA finals, when he played for the Chicago Bulls against the Phoenix Suns. In game 6 of those finals, at the America West Arena in Phoenix, with the Bulls down 98 to 96 and facing a game seven if they lost that day, Paxson took a three point shot and sank it with three seconds left, giving the Bulls a 99-98 lead which they held to secure their third consecutive world title. That shot became known as the NBA's version of the shot heard around the world.
After retiring, Paxson went on to become a Bulls broadcaster and has become an autograph signer for his fans.
In April 2003, Paxon left his broadcasting position to become Vice President of Basketball Relations for the Bulls. That summer, he was promoted to General Manager after the retirement of longtime Bulls GM Jerry Krause.