2005 started with the Eagles loosing the preseason competition, the Wizard Cup. They led the competition for most of the season, surrendering Number One to the Crows in the last game of the regular season. They won two close home finals to make the Grand Final against the Sydney Swans.

Misfortune struck early with the failure of their main goal kicker, Peter Matera, to prove his fitness. They also suffered an injury to Daniel Kerr early in the game. In one of the closest and most dour Grand Finals of recent years, the Eagles failed to win by four points, with the Swan's Leo Barry taking a mark on the Goal Line with only seconds to play.

Despite the loss Chris Judd was the worthy winner of the Norm Smith Medal for Best on the Ground. Coversplease also released a cover for the Norm Smith Medalist