Seltz was born in McIntosh, Minnesota, on January 25, 1924. He attended Humboldt Senior High School in nearby Saint Paul. He then studied at Hamline University, where he was named an All-American by Converse in 1946. While in college, he also played minor league baseball for the Duluth Dukes, Jamestown Falcons, Rochester Red Wings, Lynchburg Cardinals and Allentown Cardinals, posting a .266 batting average with 42 home runs and 242 runs batted in in 400 games. This arrangement attracted controversy during the 1944–45 season, since it was regarded in some quarters as a violation of his amateur status for college basketball.
Following his college career, Seltz joined the Anderson Duffey Packers of the National Basketball League (NBL) in 1946. He played two seasons for the Packers and one for the Waterloo Hawks, averaging 8.1 points per game in 1948–49. The following season, Seltz re-joined the Packers as the team moved to the new National Basketball Association (formed through a merger of the NBL and the Basketball Association of America). He made his NBA debut for the franchise on November 3, 1949, scoring 18 points and making four of five free throws against the Tri-Cities Blackhawks. Seltz averaged 7.8 points per game and 1.9 assists per game during the 1949–50 season.
While playing professional basketball, Seltz continued playing baseball for Excelsior of the Minnesota Valley League. He was part of the team that won the Class-A championship in 1949, and was honored as the tournament's most valuable player after batting .643 and committing no errors in 27 chances. He also served as a player–manager that year.

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