The team has 25 Yates Cup championship wins as champions of the Ontario University Athletics conference of the U Sports, a total second only to the Western Mustangs.

One former Toronto Varsity Blues team member participated in the NFL Draft; Dan Feraday (Cincinnati Bengals, 1982).

[3][4] This game was noted to be a combination of Association football and rugby, which the rules required the player bounce or kick the ball towards the opposing team's goal.

They remained in the ORFU league until 1898, where they then joined the Canadian Intercollegiate Rugby Football Union (CIRFU).

[10][11] In 1909, the Grey Cup was established and the University of Toronto football team won the inaugural game.

On October 13, 2007, they set the record for the longest losing streak in Canadian university history, at 49 losses in a row.

Gary resigned as head coach following the season's end and Greg Marshall was hired as his replacement.

After a disappointing 2–6 finish to the 2023 season, it was announced on November 23, 2023, that Marshall would not return as the team's head coach.