Gary Lineker's arrival at Tottenham Hotspur saw the North Londoners occupy third place after a season of improvement.
Luton Town stayed up on goal difference at the expense of Sheffield Wednesday, while Charlton's four-year spell in the First Division came to an end at the beginning of May.
Leeds United finally returned to the top flight after an eight-year exile, as Howard Wilkinson's side lifted the Second Division championship trophy thanks to a superior goal difference over runners-up Sheffield United, who won their second successive promotion under Dave Bassett.
Walsall suffered a second successive relegation and would be joined in the Fourth Division the following season by Blackpool, Cardiff City and Northampton Town.
Liverpool won the First Division title for the 18th time, finishing nine points ahead of their nearest rivals Aston Villa, who had emerged as title contenders just two seasons after being promoted, sealing England's solitary UEFA Cup place after the ban on English clubs in European competitions was lifted after five years, although Liverpool missed out on a European Cup place following UEFA's decision to exclude them from European competitions for at least one more season.
Millwall, who briefly topped the table in mid September, went down in bottom place after winning just two more games all season.
Swindon Town beat Sunderland 1–0 in the playoff final to secure a First Division place for the first time, only for promotion to be withdrawn weeks later for financial irregularities.
Losing semi-finalists in the playoffs were newly promoted Maidstone United, and a Stockport County side whose striker Brett Angell was the division's top scorer on 23 league goals.
Colchester United, who had managed a remarkable escape from relegation the previous season under inspirational new manager Jock Wallace, were unable to escape the drop this time, going down after 40 years in the Football League and being replaced by a Darlington side who had dropped out of the league 12 months before.