In round 5, Carlton 19.16 (130) defeated Collingwood 17.12 (114) at Victoria Park after overcoming a 39-point half-time deficit, which at the time was the VFL record for a half-time deficit successfully overcome; in the aftermath, Collingwood captain Harry Collier was suspended for the rest of the season for striking Carlton's Jack Carney as they were leaving the field.

[9] At the time, the crowd was second only to the 1936 Melbourne Cup as the highest attended sports event in Australia's history.

[20][21] Collingwood controlled territory over the next ten minutes without score,[21] eventually breaking through for its first goal from goalsneak Ron Todd after winning a free kick against Carlton full back Frank Gill.

Carlton responded quickly, Mick Price gathering and kicking a goal from a dropped mark by Hale.

[19] In a quarter played at slower pace,[20] Des Fothergill kicked a behind from the opening bounce for Collingwood.

[21] Carlton then dominated territory over the next ten minutes, getting significant drive from Hale and Brighton Diggins in the ruck, and had many attempts at goal but only three behinds and many more missed opportunities;[20] this included three marks and set shots missed by Ken Baxter,[22] and several advances repelled by Collingwood defenders Don Balfour and Bervin Woods.

[19][21] At half time, Carlton 7.6 (48) now led Collingwood 4.4 (28) by 20 points,[21] having kicked four goals in the last five minutes of the quarter, after struggling to convert its opportunities early.

Boyall was still Collingwood's best player at centre half-back, but his direct opponent Wrout had kicked three goals and was starting to get on top in the contest.

[19] Carlton attacked again from the next centre bounce, and Price missed easy shot, extending the margin to a game-high 23 points.

[9] Over the next period, the two full forwards both generated several attempts: for Carlton, Baxter secured a couple of set shots from which he failed to score;[19] for Collingwood, Todd won a couple of contests from Park, scoring a behind from one as Park hurried him and affected his kick, while with the other he squared the ball to Kyne who kicked a goal from the goal square, reducing the margin to eleven points.

[19] Collingwood had the better of general play in the third quarter,[20] with its small players now controlling the contests[19][13] – especially Whelan, who was both winning in the centre and intercepting strongly as a loose man at half-back.

[9] However, Carlton had still won the quarter by two points, which was largely credited to strong defensive work by its half-backs, and particularly in limiting Todd's effectiveness by forcing him to play wide.

[19] Two more Collingwood shots yielded only a behind,[19] before Fothergill intercepted Gill's kick-off with a high mark over Hale and kicked a goal from 50yds.

[22] Wrout then kicked his fourth goal for Carlton after a high mark over Boyall to extend the margin back to 15 points.

[26] Carlton ruck-rover Jack Hale was considered best on ground by sportswriters in the Age,[13] the Sun News-Pictorial[22] and the Australasian.

[23] Hale was still unwell from a cut he had suffered to his head in the semi-final – he had missed work over the previous fortnight[24][27] and was reportedly still pale on the morning of the match[28] – but he managed to give Carlton strong drive despite heavy attention in the packs,[13] and kicked two goals including the steadying goal late in the final quarter.

[25] For Carlton, other players considered among the best were: Jim Park, who kept league leading goalkicker Ron Todd to one goal in the 3½ quarters he played on him;[13] Frank Gill, as a backman and follower;[9] and Brighton Diggins in the ruck and backline,[13] as well as for his tactical victory as coach.

[22] Collingwood's best were: centre and loose half-back Marcus Whelan, who was best among the small players and led all players on the ground with ten marks;[21] Ron Dowling on the wing;[23] the backline Don Balfour, Jack Regan and Bervin Woods, who defended strongly when Carlton controlled play;[13] and defender Jack Ross, who thoroughly beat veteran Carlton forward Harry Vallence (one goal) in Vallence's final VFL match.

[29] There were three players doubtful with injury: Collingwood captain Albert Collier (standing in the role for suspended brother Harry) had a recurrence of his knee injury in the preliminary final; Collingwood centre half-back Marcus Boyall had missed work after injuring his back in the preliminary final; and Carlton rover Jack Hale had missed two weeks' work with the cut head he suffered in the second semi-final.