The only two-game total point series in Grey Cup history was played between the Ottawa Rough Riders and the Toronto Balmy Beach Beachers. It was Ottawa's first Grey Cup championship since the Senators won back-to-back titles in 1925 and 1926. It was Balmy Beach's fourth and final appearance at a Grey Cup, winning two times in four opportunities. The Canadian Rugby Union arranged the series after it refused to allow the WIFU winners, the Winnipeg Blue Bombers to compete in the final. The reason for the refusal was based on the WIFU season being played under rules that varied from IRFU rules.

Regular season

Final regular season standings

Note: GP = Games Played, W = Wins, L = Losses, T = Ties, PF = Points For, PA = Points Against, Pts = Points A tie game between the Hamilton Alerts and Camp Borden was ordered to be replayed but was cancelled.

Grey Cup playoffs

Note: All dates in 1940

Division finals

Grey Cup Championship

1940 Interprovincial Rugby Football Union All-Stars

NOTE: During this time most players played both ways, so the All-Star selections do not distinguish between some offensive and defensive positions.

1940 Western Interprovincial Football Union All-Stars

NOTE: During this time most players played both ways, so the All-Star selections do not distinguish between some offensive and defensive positions.

1940 Ontario Rugby Football Union All-Stars

NOTE: During this time most players played both ways, so the All-Star selections do not distinguish between some offensive and defensive positions.

1940 Canadian Football Awards