It was the last season to feature University, which withdrew from the VFL after seven seasons after its strict policy of amateurism when player payments were becoming common, and its players focusing primarily on their studies, meant that the club could not remain competitive or viable in the league.

Carlton also won the minor premiership by finishing atop the home-and-away ladder with a 13–3–2 win–loss–draw record.

On 16 October 1914, three weeks after the end of the 1914 season, the University Football Club dropped out of the VFL and folded.

[1] Following University's dissolution, players who wished to continue playing in the VFL were all cleared to Melbourne through an informal arrangement beneficial to both clubs:[3] University wished to see its best players playing together in the same VFL club to retain the strength of its own team for intervarsity competition,[1] and Melbourne, which had mostly struggled since its 1900 premiership due to the lack of a natural recruiting district (formal zoning was not introduced until the following year), gained exclusive access to a valuable source of recruits.

[3][4][5] University reformed in 1919, and after two seasons in the VFL seconds (reserves) competition where they fielded "A" and "B" teams, both teams returned to the Metropolitan Amateur Football Association (MAFA) in 1921, and they have continued in that competition (now known as the VAFA) to this day.