The winners of the Grand Final series are awarded the Dr John Raschke Trophy.

The first NBL Grand Final was played on 10 June 1979 at the Albert Park Basketball Stadium in Melbourne.

The St. Kilda Saints defeated the Canberra Cannons 94-93 to become the inaugural NBL Champions.

The NBL Grand Final Most Valuable Player Award winner receives the Larry Sengstock Medal, which is named in honour of Larry Sengstock, the winner of the league's first Grand Final MVP award in 1986.

Rocky Smith (1980), Leroy Loggins (1987), Scott Fisher (1989), Chris Williams (2002/03), Chris Anstey (2005/06) and Cedric Jackson (2012/13) all won the Grand Final MVP and the regular season MVP awards in the same season.