Liverpool's championship win meant they claimed their first trophy since 1966 in Bill Shankly's penultimate season as manager despite competition from Arsenal, Leeds United, Ipswich Town and Wolverhampton Wanderers.
Tommy Docherty, the 44-year-old Scottish national coach and former Aston Villa manager, was appointed as his successor.
Bobby Charlton and Denis Law both played their last games for the club while George Best's appearances were becoming increasingly rare.
Huddersfield Town's decline continued as they slid into the Third Division, where they were joined by Brighton & Hove Albion.
Hereford United were promoted from the Fourth Division in their first season as a Football League club.