[2][3] The game featured the conference's regular season champions, the Oklahoma State Cowboys, and the runners-up, the Baylor Bears.

[4] The Oklahoma Sooners defeated the Iowa State Cyclones 27-21 in 2020, winning their sixth consecutive Big 12 Championship Game.

[6] This was their second postseason meeting, after the teams faced off in the 1983 Astro-Bluebonnet Bowl, resulting in a ten-point Oklahoma State victory.

However, given the CFP Committee's alleged bias against Group of 5 teams, it is possible that a 12-1 Oklahoma State would have jumped a 13-0 Cincinnati for the 4th Playoff spot.

[23][24] In their second season under head coach Dave Aranda, the Bears entered 2021 looking to respond from a disappointing 2–7 campaign the year prior.

[27] They opened conference play in the season's third week, as they took down Kansas on the road by 38 points,[28] and the Bears returned home to finish September with an upset victory against the No.

[32] The following week, Baylor fell to TCU by two points, marking their second loss on the season,[33] though they were able to respond with a two-possession upset victory over No.

[36] Their home finale saw the Bears narrowly escape an upset bid from Texas Tech in a three-point win to finish the regular season 10–2.

[38] at AT&T Stadium • Arlington, Texas The ending of the game was particularly notable as a result of a goal-line stand from the Baylor defense.

Facing 1st and goal from the Baylor 1 yard line, the Bears defense repeatedly denied the Cowboys, as they had done previously in the game, culminating with a mad dash towards the pylon on 4th and goal, where the Cowboy running back was ruled inches short of a touchdown and potentially a Big 12 title.