The participants of the Championship Game were the finalists of the 2008 FCS Playoffs, which began with a 16-team bracket.
Richmond Spiders
Richmond finished their regular season with a 9–3 record (6–2 in conference), after starting their season 4–3 through their first seven games. The Spiders defeated Eastern Kentucky, second-seeded Appalachian State, and third-seeded Northern Iowa to reach the final. This was Richmond's first appearance in an FCS/Division I-AA championship game.
Montana Grizzlies
Montana finished their regular season with an 11–1 record (7–1 in conference). As the fourth-seed in the tournament, the Grizzlies defeated Texas State, Weber State (who had given Montana their only defeat during the regular season), and top-seeded James Madison to reach the final. This was Montana's sixth appearance in an FCS/Division I-AA championship game, having previously won in 1995 and 2001, and having lost in 1996, 2000, and 2004.