Football League Third Division South 1922/23
| Pos | Club | Pld | W | D | L | F | A | GA | Pts | Notes |
| 1st | Bristol City | 42 | 24 | 11 | 7 | 66 | 40 | 1.650 | 59 | ▲Champions |
| 2nd | Plymouth Argyle | 42 | 23 | 7 | 12 | 61 | 29 | 2.103 | 53 | Runners Up |
| 3rd | Swansea Town | 42 | 22 | 9 | 11 | 78 | 45 | 1.733 | 53 | - |
| 4th | Brighton & Hove Albion | 42 | 20 | 11 | 11 | 52 | 34 | 1.529 | 51 | - |
| 5th | Luton Town | 42 | 21 | 7 | 14 | 68 | 49 | 1.388 | 49 | - |
| 6th | Millwall | 42 | 14 | 18 | 10 | 45 | 40 | 1.125 | 46 | - |
| 7th | Portsmouth | 42 | 19 | 8 | 15 | 58 | 52 | 1.115 | 46 | - |
| 8th | Northampton Town | 42 | 17 | 11 | 14 | 54 | 44 | 1.227 | 45 | - |
| 9th | Swindon Town | 42 | 17 | 11 | 14 | 62 | 56 | 1.107 | 45 | - |
| 10th | Watford | 42 | 17 | 10 | 15 | 57 | 54 | 1.056 | 44 | - |
| 11th | Queens Park Rangers | 42 | 16 | 10 | 16 | 54 | 49 | 1.102 | 42 | - |
| 12th | Charlton Athletic | 42 | 14 | 14 | 14 | 55 | 51 | 1.078 | 42 | - |
| 13th | Bristol Rovers | 42 | 13 | 16 | 13 | 35 | 36 | 0.972 | 42 | - |
| 14th | Brentford | 42 | 13 | 12 | 17 | 41 | 51 | 0.804 | 38 | - |
| 15th | Southend United | 42 | 12 | 13 | 17 | 49 | 54 | 0.907 | 37 | - |
| 16th | Gillingham | 42 | 15 | 7 | 20 | 51 | 59 | 0.864 | 37 | - |
| 17th | Merthyr Town | 42 | 11 | 14 | 17 | 39 | 48 | 0.813 | 36 | - |
| 18th | Norwich City | 42 | 13 | 10 | 19 | 51 | 71 | 0.718 | 36 | - |
| 19th | Reading | 42 | 10 | 14 | 18 | 36 | 55 | 0.655 | 34 | - |
| 20th | Exeter City | 42 | 13 | 7 | 22 | 47 | 84 | 0.560 | 33 | - |
| 21st | Aberdare Athletic | 42 | 9 | 11 | 22 | 42 | 70 | 0.600 | 29 | Re Elected |
| 22nd | Newport County | 42 | 8 | 11 | 23 | 40 | 70 | 0.571 | 27 | Re Elected |
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Election for League Membership |
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| Both Second Division Clubs Rotherham County and Wolverhampton Wanderers were Relegated to the Third Division North and therefore a vacant space was allocated to the South with 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 |
| 45 | Aberdare Athletic | Re Elected to the League |
| 45 | Newport County | Re Elected to the League |
| 28 | Boscambe | ▲Elected to the League |
| 9 | Llanelly | Not Elected to the League |
| 8 | Pontypridd | Not Elected to the League |
| 0 | Torquay United | Not Elected to the League |
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End of Season Notes |
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▲Bristol City were Promoted to the Football League Second Division |
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- Aberdare Athletic were Re-Elected to the League |
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- Newport County were Re-Elected to the League |
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▲Boscambe were Elected to the Football League, changing their name to Bournemouth United before reverting to Bournemouth & Boscambe Athletic for the start of the 1923/24 Season |