The Winter Hawks became the first American-based team to compete for the trophy, while the Rangers defeated the Castors in the final to capture their first Memorial Cup championship.
During the 1981-82 season, Kitchener was the top ranked team in the Emms Division with a 44-21-3 record, earning 91 points, and finishing second overall in the league.
In the Emms Division semi-finals, the Rangers swept the Windsor Spitfires in four games to advance to the next round of the post-season.
The win over the 67's was the Rangers second straight OHL championship and earned the team a berth into the 1982 Memorial Cup.
On defense, Al MacInnis led the way, scoring 25 goals and 75 points in 59 games after starting the season with the Calgary Flames of the National Hockey League.
Scott Stevens emerged as a top NHL prospect during the season, as he scored six goals and 42 points in 68 games, while accumulating 158 penalty minutes.
David Shaw was another top prospect on the club, as in 68 games, he scored six goals and 31 points from the blue line.
Ken Yaremchuk led the Winter Hawks offense, scoring 58 goals and 157 points in 72 games, while also accumulating 181 penalty minutes.
Gerald Gallant finished third in team scoring with 34 goals and 92 points, while accumulating 260 penalty minutes in 58 games.
Defenseman Paul Boutilier led the Castors blue line with 20 goals and 80 points in 57 games after beginning the season with the New York Islanders.
Goaltender Michel Morissette earned a 30-11-1 record with a 3.51 GAA and a .895 save percentage with the Castors following an early season trade with the Laval Voisins.
In the post-season, Morissette earned a 16-4 record with a 3.42 GAA and a .898 save percentage to capture the Guy Lafleur Trophy as QMJHL Playoff MVP.
The Kitchener Rangers entered the tournament as J. Ross Robertson Cup champions in the OHL having defeated the Ottawa 67's in the final.
As the Castors had announced their intention to relocate to Saint-Jean-sur-Richelieu the following season, they hoped to leave Sherbrooke as national champions.
[2] The Portland Winter Hawks overcame the Regina Pats in the WHL final to win that league's President's Cup.
The Rangers rebounded from their opening loss to Sherbrooke, defeating the Castors 4–0 the second time around, but lost 4–2 to the Winter Hawks.
Kitchener's Mike Eagles put the game out of reach by scoring two short handed goals 14-seconds apart early in the third.
His selection that upset the Rangers who felt that Brian Bellows, who scored five points in the championship game, should have won the award.