The Elks improved upon their league-worst 3–11 record from 2021, but were eliminated from playoff qualification on October 8 following a loss to the Winnipeg Blue Bombers.

The team's previous head coach, general manager, and president, Jaime Elizondo, Brock Sunderland, and Chris Presson, respectively, were fired following the 2021 season.

[5] The club discontinued the use of the antler helmet logo it adopted the previous season alongside its name change to Elks, and replaced it with a version of the traditional "EE" logo it used while playing under its former nickname, the Eskimos.

[9] The team acquired additional first and third round selections after trading Kyle Saxelid and Grant McDonald to the Hamilton Tiger-Cats.

[10] The Elks also traded a second-round pick to the Toronto Argonauts in exchange for Nick Arbuckle.