Krebs was born in Webster Groves, Missouri. While representing Webster Groves High School in a St. Louis-area all-star game, he attracted the attention of Doc Hayes, the men\'s basketball coach at Southern Methodist University in Texas. Hayes convinced Krebs to sign with SMU, and recruited two fellow Missourans to play alongside him.\n', '

Described as a "cautious, careful player" with an "unstoppable hook shot," Krebs became the star of the Mustangs and one of the best players in the nation. He scored 1,753 points in his three varsity seasons (1954–1957), led the Mustangs to three consecutive Southwest Conference championships, and was named to three All-SWC teams. Coach Hayes\' strategy was simple: "[W]hen Jim is free, feed it to the big man."\n', '

In 1956, Krebs\' team reached the NCAA National Semifinals, where they faced Bill Russell and the University of San Francisco. SMU lost 68–86, but Krebs did outscore future Hall of Famer Russell 24–17. The next year, Krebs earned consensus All-American honors and appeared on the cover of Sports Illustrated with the headline: "Big Jim and the Texas Boom". His team reached the NCAA Tournament once again that spring, but they were defeated 73–65 by Wilt Chamberlain and the University of Kansas in the Midwestern semifinals.\n', '

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