Heyman died Monday in Florida. The cause of death wasn't announced.
Heyman was the captain of Duke's first team to reach the NCAA Final Four. The Blue Devils lost in the 1963 NCAA semifinals to eventual tournament champion Loyola-Chicago but beat Oregon State in the third-place game.
In 1962-63, he became the first Atlantic Coast Conference player to earn consensus national player of the year honors. He was the NCAA Player of the Year, Final Four Most Outstanding Player, ACC Player of the Year and ACC Tournament MVP that season.
He averaged 25.1 points and 10.9 rebounds in three seasons at Duke, which retired his jersey. He was a three-time All-American selection.
Former Duke Coach Vic Bubas said in a statement that Heyman was as responsible "as any other human being ... for Duke University becoming a national power in college basketball."
Current Duke Coach Mike Krzyzewski said Heyman "had a huge impact on Duke basketball and was truly one of the elite players to ever wear a Blue Devil uniform."
"When I was fortunate to become the Duke head coach, my admiration for Art blossomed into a great friendship that lasted for more than 30 years," said Krzyzewski. "Art will be missed by all of us in the Duke basketball family."
Heyman averaged 15.4 points a game as an NBA rookie for the New York Knicks. Over six seasons in the NBA and ABA, Heyman averaged 13 points and 4.7 rebounds a game.