The franchise, which by that time had accrued $350,000 in debt, was seized by the AAFC after the end of the season after its owner was declared bankrupt, and its assets were purchased by a group of entrepreneurs who reorganized it as the original incarnation of the Baltimore Colts.

[3] A group of Miami football boosters, led by Harvey Hester, seized on the chance to bring a major league team to their city.

[7] Meagher resigned on October 22 after winning just one of his first six games, with assistant Hamp Pool, the captain of the 1940 and 1941 Chicago Bears NFL championship teams, being forced to take over as head coach.

[7] Before the Miami boosters could make a bid, however, Hester was declared bankrupt, leaving AAFC Commissioner Jim Crowley with no option but to seize the team.

Nevertheless, when the American Football League awarded Ralph Wilson a charter franchise for Miami, the city refused to grant him a lease at the Orange Bowl.

In 1965, the AFL awarded an expansion franchise to lawyer Joe Robbie and actor Danny Thomas, the Miami Dolphins, which would become a far more successful team on and off the field.