In a remarkable first season back in the top division, promoted Ipswich Town, which was third until April 28, was one of the other surprise challengers for the European spots. George Burley, who received the Manager of the Season title, led the Tractor Boys to a fifth-place finish overall, only three points behind third-placed Liverpool. Ipswich's striker Marcus Stewart also provided motivation, scoring 19 goals in his first Premier League season to propel his team to its first appearance in Europe in 20 years.

Ipswich and Manchester City were both promoted to the Championship, but Manchester City failed to duplicate their success and was sent down. Bradford City and Coventry City, the latter of which was demoted from the Premier League for the first time following a string of incredible escapes in the 1990s, joined them.

The season nonetheless had a memorable conclusion, as Southampton's Matt Le Tissier scored a spectacular half-volley to secure a last-second 3-2 victory against Arsenal in the Saints' final game at their 103-year-old stadium, The Dell, despite the championship and relegation positions being decided before the final day. Le Tissier's cult-hero reputation with his sole professional club was further cemented by the goal, which was his 100th and last Premier League goal.