Football League Third Division South 1926/27
| Pos | Club | Pld | W | D | L | F | A | GA | Pts | Notes |
| 1st | Bristol City | 42 | 27 | 8 | 7 | 104 | 54 | 1.926 | 62 | ▲Champions |
| 2nd | Plymouth Argyle | 42 | 25 | 10 | 7 | 95 | 61 | 1.557 | 60 | Runners Up |
| 3rd | Millwall | 42 | 23 | 10 | 9 | 89 | 51 | 1.745 | 56 | - |
| 4th | Brighton & Hove Albion | 42 | 21 | 11 | 10 | 79 | 50 | 1.580 | 53 | - |
| 5th | Swindon Town | 42 | 21 | 9 | 12 | 100 | 85 | 1.176 | 51 | - |
| 6th | Crystal Palace | 42 | 18 | 9 | 15 | 84 | 81 | 1.037 | 45 | - |
| 7th | Bournemouth & Boscambe Athletic | 42 | 18 | 8 | 16 | 78 | 66 | 1.182 | 44 | - |
| 8th | Luton Town | 42 | 15 | 14 | 13 | 68 | 66 | 1.030 | 44 | - |
| 9th | Newport County | 42 | 19 | 6 | 17 | 57 | 71 | 0.803 | 44 | - |
| 10th | Bristol Rovers | 42 | 16 | 9 | 17 | 78 | 80 | 0.975 | 41 | - |
| 11th | Brentford | 42 | 13 | 14 | 15 | 70 | 61 | 1.148 | 40 | - |
| 12th | Exeter City | 42 | 15 | 10 | 17 | 76 | 73 | 1.041 | 40 | - |
| 13th | Charlton Athletic | 42 | 16 | 8 | 18 | 60 | 61 | 0.984 | 40 | - |
| 14th | Queens Park Rangers | 42 | 15 | 9 | 18 | 65 | 71 | 0.915 | 39 | - |
| 15th | Coventry City | 42 | 15 | 7 | 20 | 71 | 86 | 0.826 | 37 | - |
| 16th | Norwich City | 42 | 12 | 11 | 19 | 59 | 71 | 0.831 | 35 | - |
| 17th | Merthyr Town | 42 | 13 | 9 | 20 | 63 | 80 | 0.787 | 35 | - |
| 18th | Northampton Town | 42 | 15 | 5 | 22 | 59 | 87 | 0.678 | 35 | - |
| 19th | Southend United | 42 | 14 | 6 | 22 | 64 | 77 | 0.831 | 34 | - |
| 20th | Gillingham | 42 | 11 | 10 | 21 | 54 | 72 | 0.750 | 32 | - |
| 21st | Watford | 42 | 12 | 8 | 22 | 57 | 87 | 0.655 | 32 | Re Elected |
| 22nd | Aberdare Athletic | 42 | 9 | 7 | 26 | 62 | 101 | 0.614 | 25 | ▼Not Re Elected |
|
Election for League Membership |
||
| The bottom two clubs were required to seek re-election to the League. They were joined in the vote for League membership by 4 non league clubs. | ||
| Votes | Club | End Result |
| 44 | Watford | Re Elected to the League |
| 21 | Aberdare Athletic | Went to a 2nd Ballot |
| 21 | Torquay United | Went to a 2nd Ballot |
| 1 | Kettering Town | Not Elected to the League |
| 1 | Yeovil & Petters United | Not Elected to the League |
| 0 | Ebbw Vale | Not Elected to the League |
-
|
Election for League Membership - 2nd Ballot |
||
| Votes | Club | End Result |
| 26 | Torquay United | ▲ Elected to the League |
| 19 | Aberdare Athletic | ▼Not Re Elected to the League |
|
End of Season Notes |
|
- Walsall Transferred from the Football League Third Division North |
|
▲Bristol City were Promoted to the Football League Second Division |
|
- Watford were Re-Elected to the League |
|
▼Aberdare Athletic were Not Re-Elected to the League |
|
▲Torquay United were Elected to the Football League |