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.^[1]

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.

Note: All dates in 1947

• Hamilton advances to the ORFU Final.

• Ottawa advances to the ORFU Final.

• Winnipeg won the total-point series by 29–22. Winnipeg advances to the Grey Cup game.

• Ottawa will play the Toronto Argonauts in the Eastern finals.

• Toronto won the total-point series by 24–0. Toronto will play the Ottawa Trojans in the Eastern finals.

• Toronto advances to the Grey Cup game.

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.^[1]

NOTE: During this time most players played both ways, so the All-Star selections do not distinguish between some offensive and defensive positions.

NOTE: During this time most players played both ways, so the All-Star selections do not distinguish between some offensive and defensive positions.

NOTE: During this time most players played both ways, so the All-Star selections do not distinguish between some offensive and defensive positions.

• Jeff Russel Memorial Trophy (IRFU MVP) – Virgil Wagner (RB), Montreal Alouettes
• Jeff Nicklin Memorial Trophy (WIFU MVP) - Bob Sandberg (RB), Regina Roughriders
• Gruen Trophy (IRFU Rookie of the Year) - Nelson Greene (FB), Ottawa Rough Riders
• Imperial Oil Trophy (ORFU MVP) - Bob Paffrath - Toronto Indians