The event was held in Brisbane for the first time in the competition's history due to an ongoing COVID-19 lockdown in New South Wales which prompted the NRL to relocate it from Stadium Australia in Sydney, where every NRL Grand Final since 1999 had been hosted.[2] Due to COVID-19 restrictions, the match was attended by only 39,322 spectators because the Queensland Government limited Suncorp Stadium to seventy-five percent of its maximum capacity.[3]
After finishing as minor premiers and runners-up in 2020, the Panthers finished the 2021 regular season in second place after 21 wins and three losses.
South Sydney finished third after 30 wins and four losses.[7] During the regular season, the Rabbitohs scored 775 points, the fourth highest of all time in competition history.[1] Despite this, they conceded 50 points in a game twice during the home and away season, to the Panthers and the Melbourne Storm, dampening their premiership aspirations with no side ever winning the premiership after doing so.[8] In the Rabbitohs' 54–12 victory over the Roosters in round 24, fullback Latrell Mitchell was suspended for six matches for reckless high contact on Joseph Manu. Rookie Blake Taaffe replaced him the next week, playing just his fourth NRL match at the time.
During the regular season, the two teams faced each other twice. In round 11, the Panthers defeated the Rabbitohs 56–12 at Apex Oval.[9] In round 23, the Panthers won 25–12 at Suncorp Stadium.[10] However, in a major upset in the first week of the finals Series, South Sydney defeated Penrith 16–10 at Queensland Country Bank Stadium in the Qualifying Final and advanced straight to the Preliminary Finals two weeks later, beating Manly Warringah Sea Eagles 36–16 at Suncorp Stadium to advance to the Grand Final.[11] After losing to Souths, Penrith defeated Parramatta Eels 8–6 in the Semi-Finals one week later at BB Print Stadium.[12][13] In what was a rematch of the previous year's grand final, Penrith defeated minor premiers Melbourne Storm 10–6 in the Preliminary Final at Suncorp Stadium to advance to the Grand Final.[14]
Prior to the match, Michael McGowan writing[15] for the Guardian Australia explained how South Sydney represents rugby league's blue collar past, and how Penrith better embody it in 2021. Prior to the creation of the NRL in 1998, South Sydney had won 20 premierships, with their first coming in the inaugural 1908 season, and final coming in 1971. Souths had only won one premiership during the NRL-era in the 2014 NRL Grand Final. While prior to this match, Penrith had won a total of two premierships, with their first coming in 1991, and second coming in 2003. This Grand Final marked the start of four consecutive Grand Final victories for Penrith after losing in 2020. The Penrith junior system is also widely regarded[attribution needed] to produce the best talent in the modern game, and the team is widely regarded[attribution needed] to have the best homegrown talent in the modern game due to the population demographics of their geographical district. This trend of the best rugby league talent being considered to be from heavily blue collar areas reflects the widely held belief that rugby league has working class roots.
Due to COVID-19 restrictions, the match was attended by only 39,322 spectators because the Queensland Government limited Suncorp Stadium to seventy-five percent of its maximum capacity.[17]
Matt Burton, Spencer Leniu, Paul Momirovski and Scott Sorensen were new additions to the Penrith squad that played in the 2020 grand final. For the South Sydney side, Tom Burgess, Alex Johnston and Adam Reynolds were the only remaining players from Souths' last premiership victory in 2014. Panthers hooker Apisai Koroisau was also part of the 2014 Souths premiership-winning squad. Blake Taaffe, who replaced suspended fullback Latrell Mitchell, became the least experienced player in a grand final, playing only his eighth game in the NRL. A few days later at club level, Taaffe won the John Sattler Medal for rookie of the year.[18] After the match, South Sydney interchange Benji Marshall retired from his NRL career with a total of 346 matches played.