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.
"Grizzlies derailed in Chattanooga". gogriz.com. December 19, 2008. Retrieved January 7, 2019.
"Postgame Notes: Richmond Wins National Championship". richmondspiders.com. December 20, 2008. Retrieved January 7, 2019.
"The Sports Network Division I-AA poll". The News Journal. Wilmington, Delaware. The Sports Network. November 11, 2008. p. C5. Retrieved February 5, 2019 – via newspapers.com.