Called the "dream and wonder team," the Bulldogs were ranked No. 1 in the nation with one regular season game remaining, but were upset by Georgia Tech (the next season's national champion) by a score of 12–0 at Grant Field in Atlanta, Georgia. Nevertheless, at the end of the season, Georgia was ranked number 1 in two polls recognized by the NCAA. Georgia was listed number one by Boand System and Poling System. Georgia was also retroactively awarded the national championship for the 1927 season in the Berryman rankings system 
Oddly enough, Georgia did not win the Southern Conference championship in 1927 as a result of their loss to Georgia Tech in the last game of the season. Georgia Tech (7–0–1 in the conference), NC State (4–0–0 in the conference) and Tennessee (5–0–1) all finished undefeated in the Southern Conference that year.
The '27 season featured Georgia's first-ever win against Eastern power Yale as well as six shutouts. It was the win over Yale that propelled the Bulldogs to the national spotlight.
In the second week of play, Georgia defeated Yale for the first time by the score of 14 to 10. By season's end, both Georgia and Yale were national champions according to various selectors. Walter Eckersall noted the progress of southern football as he reflected on Georgia's victory over Yale; "Old Eli, with its running attack, could do nothing against Georgia, which is represented by two of the finest ends in the country. Nash and Shiver would be valuable assets on any football team."
Grant Field was expected to be filled to capacity, the largest crowd ever in the south. One account read "And never in the history of athletics in the Southland has there been an occasion so momentous as this. The football championship of the South and as some may justifiably figure, the nation, will be decided on Saturday in the capital city and native sons will decide it."
In the rain, the Bulldogs were defeated by rival Georgia Tech for the SoCon championship 12 to 0. For the first time this year, neither Nash nor Shiver played particularly well.