Collingwood was the best performed side of the home and away season, finishing with a record of 17–4–1 and winning its first minor premiership since 1977[3] and its first McClelland Trophy since 1970.

St Kilda entered the season after having won the 2009 minor premiership with the club's best ever home and away record of 20–2, but losing the grand final to Geelong by two goals.

After winning the first four games of the season, the Saints hit a form slump coinciding with a serious hamstring injury to captain Nick Riewoldt.

The only previous encounter was the 1966 grand final in which St Kilda won its only premiership, winning by a single point 10.14 (74) to 10.13 (73).

The camera had previously been trialled by the Nine Network during its coverage of Friday Night Football in 2004, as well as the Rugby League State of Origin.

For the grand final replay, Lionel Richie was announced to perform the pre-match, as well as the post-match, entertainment.

[12] The American said, "It is a great honour to be invited to perform at such an historic event in Australian football...I am incredibly fortunate to have been available for this once-in-a-lifetime experience to share my music with my fans."

For the replay, in place of the traditional around-the-ground parade of 2010 AFL retirees and medalists, famous members of the Collingwood and St Kilda football clubs were presented, including participants from the memorable 1966 VFL grand final.

Collingwood then scored three goals in six minutes from Jarryd Blair, Alan Didak and Dale Thomas to open up a twenty-point lead.

After the 17th minute, St Kilda was able to hold Collingwood scoreless, with goals to Riewoldt and Schneider bringing the margin back to six points at quarter time.

Lenny Hayes was instrumental in St Kilda's clearance work, acting as third-man-up in the ruck contests and collecting 10 disposals.

Overall, Collingwood managed 10 shots at goal, but took many from long distance, which affected their overall accuracy: their total score for the quarter was 3.6 (24) with one out on the full.

Dane Swan was instrumental at stoppages in the second quarter, while Thomas and captain Nick Maxwell were both crucial at forcing rebounds.

St Kilda began to win clearances again, and after both teams mustered rushed behinds, Riewoldt scored the first goal of the quarter in the 5th minute from a coast-to-coast play.

Thomas had a good chance to score a goal late in the quarter, but missed with a wild snap shot under little pressure.

In the 26th minute, Maxwell created a turnover which resulted in a goal to Cloke from five metres, putting Collingwood back in front by a point.

Lenny Hayes won the Norm Smith Medal for the drawn grand final comfortably, with 13 of a possible 15 votes, named best on ground by four of the five voters.

After the game, the two captains, Nick Maxwell of Collingwood and Nick Riewoldt of St Kilda, both stated that they would have preferred an extra time period; Maxwell was particularly scathing of the arrangement, labelling it an "absolute joke" in an interview immediately after the final siren,[17] but the full replay was not without its supporters, with Collingwood coach Michael Malthouse pledging his support to the traditional arrangement in his post-match press conference.

[25] In the grand final edition of the TV show Before the Game, Geelong's Harry Taylor predicted the draw and the subsequent Collingwood victory the next week.

[26] On Tuesday 28 September, the AFL announced a rule change such that any player who had played in the drawn grand final but missed the replay, through omission or injury, would still receive a premiership medallion if his team was victorious.

Under previous rules, players would not have received premiership medallions unless they were present in the team that won the premiership-deciding game.

[29] Prior to the first bounce, Nick Maxwell of Collingwood won the coin toss, and chose to kick to the (western) City End.

In general play, the second quarter was fairly even, with St Kilda winning the inside-50s 13–10, but while none of their missed opportunities were easy shots, the Saints' inability to convert the chances they had contributed to their increasing deficit.

Scott Pendlebury was awarded the Norm Smith Medal as the best player in the grand final replay, earning ten votes; he accumulated 29 disposals, seven marks and laid eleven tackles.

[31] The medal was fittingly presented to Pendlebury by former North Melbourne star Arnold Briedis, best on ground in the 1977 replay.

On Monday 4 October, the Match Review Panel charged St Kilda's Adam Schneider with striking Brent Macaffer in the third quarter of the replay.

[34] Tyson Goldsack's mother placed a successful bet on her son, who is usually a defender but started in the forward-line, to kick the first goal of the replay.

The Footy Show host James Brayshaw drew attention to this in July 2011, amidst investigations into that season's controversial betting plunges on the defenders to kick the first goal, but the AFL cleared Goldsack and his mother of any wrongdoing.

[35] When named on Thursday night before the first final, St Kilda recalled Steven Baker who had not played since Round 13, due to a 9-game suspension, omitting Ben McEvoy.

Collingwood made two changes to their preliminary final team, bringing in Leon Davis and Simon Prestigiacomo and omitting Tyson Goldsack and Nathan Brown.