Football League Third Division South 1927/28
| Pos | Club | Pld | W | D | L | F | A | GA | Pts | Notes |
| 1st | Millwall | 42 | 30 | 5 | 7 | 127 | 50 | 2.540 | 65 | ▲Champions |
| 2nd | Northampton Town | 42 | 23 | 9 | 10 | 102 | 64 | 1.594 | 55 | Runners Up |
| 3rd | Plymouth Argyle | 42 | 23 | 7 | 12 | 85 | 54 | 1.574 | 53 | - |
| 4th | Brighton & Hove Albion | 42 | 19 | 10 | 13 | 81 | 69 | 1.174 | 48 | - |
| 5th | Crystal Palace | 42 | 18 | 12 | 12 | 79 | 72 | 1.097 | 48 | - |
| 6th | Swindon Town | 42 | 19 | 9 | 14 | 90 | 69 | 1.304 | 47 | - |
| 7th | Southend United | 42 | 20 | 6 | 16 | 80 | 64 | 1.250 | 46 | - |
| 8th | Exeter City | 42 | 17 | 12 | 13 | 70 | 60 | 1.167 | 46 | - |
| 9th | Newport County | 42 | 18 | 9 | 15 | 81 | 84 | 0.964 | 45 | - |
| 10th | Queens Park Rangers | 42 | 17 | 9 | 16 | 72 | 71 | 1.014 | 43 | - |
| 11th | Charlton Athletic | 42 | 15 | 13 | 14 | 60 | 70 | 0.857 | 43 | - |
| 12th | Brentford | 42 | 16 | 8 | 18 | 76 | 74 | 1.027 | 40 | - |
| 13th | Luton Town | 42 | 16 | 7 | 19 | 94 | 87 | 1.080 | 39 | - |
| 14th | Bournemouth & Boscambe Athletic | 42 | 13 | 12 | 17 | 72 | 79 | 0.911 | 38 | - |
| 15th | Watford | 42 | 14 | 10 | 18 | 68 | 78 | 0.872 | 38 | - |
| 16th | Gillingham | 42 | 13 | 11 | 18 | 62 | 81 | 0.765 | 37 | - |
| 17th | Norwich City | 42 | 10 | 16 | 16 | 66 | 70 | 0.943 | 36 | - |
| 18th | Walsall | 42 | 12 | 9 | 21 | 75 | 101 | 0.743 | 33 | - |
| 19th | Bristol Rovers | 42 | 14 | 4 | 24 | 67 | 93 | 0.720 | 32 | - |
| 20th | Coventry City | 42 | 11 | 9 | 22 | 67 | 96 | 0.698 | 31 | - |
| 21st | Merthyr Town | 42 | 9 | 13 | 20 | 53 | 91 | 0.582 | 31 | Re Elected |
| 22nd | Torquay United | 42 | 8 | 14 | 20 | 53 | 103 | 0.515 | 30 | 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 3 non league clubs. | ||
| Votes | Club | End Result |
| 42 | Torquay United | Re Elected to the League |
| 27 | Merthyr Town | Re Elected to the League |
| 16 | Argonauts | Not Elected to the League |
| 3 | Kettering Town | Not Elected to the League |
| 2 | Peterborough & Fletton United | Not Elected to the League |
|
End of Season Notes |
|
▼Fulham were Relegated from the Football League Second Division |
|
▲Millwall were Promoted to the Football League Second Division |
|
- Merthyr Town were Re-Elected to the League |
|
- Torquay United were Re-Elected to the League |