[4] On September 4, 2015, news agencies reported that the game would be awarded to Toronto, as a gift to the new Argonaut owners, despite the city recently hosting the 95th and the 100th Grey Cups.

In another CFL first, the Redblacks faced the defending champion Edmonton Eskimos (who, as a crossover team, had defeated the Hamilton Tiger-Cats in the Eastern Semi-Final) in the first Grey Cup rematch to take place in a division final.

Despite being underdogs to the 10–8 Eskimos in the Eastern Final, the Redblacks avenged their 2015 Grey Cup loss with a 35–23 win over Edmonton to advance to their second consecutive championship game.

The Stampeders would not lose again until their last game of the regular season (against the Montreal Alouettes) and maintained a fourteen-game win streak between July 21 and October 21, the fourth longest in CFL history.

By virtue of finishing first in the West the Stampeders received a bye through the first round of the playoffs, before defeating the BC Lions 42–15 in the Western Final.

[13] Despite their success on the field, the Stampeders were struck by tragedy on September 25, when defensive back Mylan Hicks was shot and killed at a Calgary nightclub.

[14] Fellow defensive back and teammate Jamar Wall changed his jersey number from 29 to Hicks' 31 for the rest of the season in tribute.

[15] The Grey Cup Festival featured various fan events leading up to the game, including activities, the alumni luncheon, and autograph sessions.

The New Pornographers, Tokyo Police Club, The Lowest of the Low, and The Sheepdogs were announced as headlining acts for the SiriusXM Concert Series.

The Stampeders responded two minutes later with a 79-yard drive of their own which ended with a touchdown pass from Bo Levi Mitchell to the regular season's Most Outstanding Canadian Jerome Messam, tying the game up at 7–7.

This was the largest lead of the game for the Redblacks, however, as in a repeat of the 103rd Grey Cup, they found themselves fending off a fierce second-half rally by their opponent.

Backup quarterback Andrew Buckley would run for a touchdown a minute into the fourth, making the score 27–23 (Parades missed the subsequent convert kick).

After Ottawa failed on the requisite two-point convert attempt, the Stampeders were unable to respond with a touchdown of their own; quarterback Bo Levi Mitchell threw three consecutive incomplete passes to end the game, sealing victory for the Redblacks.

[26] Immediately following the game, Redblacks quarterback Henry Burris was named the Grey Cup's Most Valuable Player, having completed 35-of-46 passes for 461 yards and three touchdowns (while running for another two).

[29] On December 7, 2016 CFL Commissioner Jeffrey Orridge fined more than 20 of the 88 players who suited up in this year's Grey Cup because of violations related to how they wore their socks in the game.