The participants of the Championship Game were the finalists of the 2001 I-AA Playoffs, which began with a 16-team bracket. In a change from recent postseasons, the NCAA seeded only the top four seeds, while placing other teams in the bracket based on geographical considerations in order to minimize travel.[5]
Montana finished their regular season with an 11–1 record (7–0 in conference); their only loss was to Hawaii of Division I-A. Seeded first in the playoffs, the Grizzlies defeated Northwestern State, Sam Houston State, and Northern Iowa to reach the final. This was the fourth appearance for Montana in a Division I-AA championship game, having won in 1995, and having lost in 1996 and 2000.
Furman finished their regular season with a 9–2 record (7–1 in conference); one of their losses was to Wyoming of Division I-A. The Paladins, seeded third, defeated Western Kentucky, Lehigh, and second-seed Georgia Southern to reach the final. This was the third appearance for Furman in a Division I-AA championship game, having won in 1988 and having lost in 1985.
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† When there is no time left on the clock at the end of the fourth quarter, NCAA rules only allow for a conversion attempt if it could affect the outcome of the game.