It was the team's only season in Memphis, Tennessee after moving from Houston, and they played at the Liberty Bowl Memorial Stadium.

Led by head coach Jeff Fisher, the Oilers finished the season with 8 wins and 8 losses, and did not qualify for the playoffs.

Running backs (RB) Wide receivers (WR) Tight ends (TE) Defensive linemen (DL) Defensive backs (DB) Special teams Reserve 53 active, 3 inactive, 3 practice squad

The team would be based in Nashville, commuting to Memphis only for games—in effect, consigning the Oilers to 32 road games for the next two years.

Even though this arrangement was acceptable to the NFL and the Oilers at the time, few people in either Memphis or Nashville were pleased by it.

As a result, attendance at the Liberty Bowl was disastrous: on at least two occasions, fewer than 18,000 fans came to the stadium to see the Oilers, a number smaller than the attendance figures the team was getting in Houston after they had announced the move, and smaller than the fan bases the USFL's Memphis Showboats and XFL's Memphis Maniax had drawn/would draw to the same stadium.