A number of wins in the second half of the season over fellow mid-table sides helped to offset notable losses against those aiming for promotion, ensuring that the club avoided returning down to the Third Division South.

In the 1927–28 FA Cup, Southampton entered at the third round away to First Division side Cardiff City, who had beaten Arsenal to win the tournament the previous season.

The club ended the season at Fratton Park for the Hampshire Benevolent Cup match against local rivals Portsmouth, who had just completed their first year as a top-flight side.

Southampton also played five friendly matches during the season, losing to Bournemouth & Boscombe Athletic, Corinthian and Millwall, and drawing with Guildford City and Wimborne Town.

[3] Five more players arrived at The Dell in August: wing-half Bill Luckett from Liverpool County Combination side Skelmersdale United,[4] full-back Ted Robinson from Lancashire Combination side Chorley,[5] inside-forward Tommy Taylor from Manchester City,[6] goalkeeper George Thompson from Midland League club York City,[7] and half-back Arthur Wilson from Scotswood.

[15][16] A 5–2 win over Oldham Athletic and three draws saw Southampton move up three places in the standings to 17th by October,[17] although by the next month they were back in close proximity to the relegation zone following defeats against Blackpool, Chelsea, Port Vale and South Shields.

Fortunes began to turn in late January when the Saints beat Notts County 5–1 (in which debutant Bill Luckett scored twice),[19] followed by a 5–0 defeat of Grimsby Town and 2–0 victories over Blackpool and Chelsea in February,[15] all of which combined to help the side escape the bottom six for the first time during the campaign.

Notable games included a 6–1 victory over Barnsley in which new signing Jerry Mackie scored a hat-trick on his debut, and a 2–1 away win over promotion hopefuls Preston North End.

[23] Five days after the loss to Millwall, Southampton ended their season at Fratton Park with the annual Hampshire Benevolent Cup fixture against local rivals Portsmouth.

The home side took the lead in the first minute through a header from Jack Weddle, with a Bobby Irvine volley doubling their advantage and Dave Watson adding a third before half-time.

[24] For the first time since its introduction in the 1922–23 season, the Rowland Hospital Cup was not contested between the sides in 1927–28, with a local newspaper explaining that "Southampton could not find it convenient to field a team" for the fixture.