For the first time in Grey Cup history, the same two teams challenged for the trophy for the third consecutive year. But unlike the previous two years, the Toronto Argonauts needed some late game heroics to win their third consecutive title.
Final regular season standings
Note: GP = Games Played, W = Wins, L = Losses, T = Ties, PF = Points For, PA = Points Against, Pts = Points
- Bold text means that they have clinched the playoffs.
Grey Cup Championship
Needing to beat the clock, the Argos had a quick huddle, and Joe Krol, a Grey Cup hero for many seasons, angled a kick away from the Winnipeg safety, over the goal line and into touch for the winning point as time expired.
1947 Eastern (Combined IRFU & ORFU) All-Stars
NOTE: During this time most players played both ways, so the All-Star selections do not distinguish between some offensive and defensive positions.
- QB – Frank Filchock, Hamilton Tigers
- FW – Tony Golab, Ottawa Rough Riders
- HB – Royal Copeland, Toronto Argonauts
- HB – Joe Krol, Toronto Argonauts
- FB – Virgil Wagner, Montreal Alouettes
- E – Joe Farley, Ottawa Trojans
- E – Bert Haigh, Ottawa Rough Riders
- C – Don Loney, Ottawa Rough Riders
- G – Don McKenzie, Toronto Balmy Beach Beachers
- G – Bill Zock, Toronto Argonauts
- T – Herb Trawick, Montreal Alouettes
- T – Hank Christman, Ottawa Rough Riders
- QB – Mel Lawson, Hamilton Wildcats
- FW – Don McFarlane, University of Western Ontario
- HB – Bob Paffrath, Toronto Indians
- HB – Jack Perry, University of Western Ontario
- FB – Doug Smylie, Ottawa Trojans
- E – Matt Anthony, Ottawa Rough Riders
- E – Gord Lawson, Hamilton Wildcats
- C – Doug Turner, Toronto Argonauts
- G – Eddie Remigis, Hamilton Tigers
- G – Bud Donald, Hamilton Wildcats
- T – Gerry Duck, University of Western Ontario
- T – Steve Chamko, Windsor Rockets