For decades, history has shown just how difficult it is to win the NRL premiership from outside the top four.
Since the competition shifted to its current finals system in 1998, no team has gone all the way from the elimination bracket.
The last side to achieve the feat was the Bulldogs back in 1995, and before that the Broncos in 1993. Both came in an era of shorter finals formats and different structures.
Their premiership seasons in 1991, 2003 and 2021-2024 premierships all came off the back of top-four finishes.
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Even their early finals forays in the 1980s and 1990s were built on strong ladder positions, with their Grand Final appearances in 1990 and 1991 coming from 3rd and 2nd place respectively.
When the Panthers have crept into September from lower down the ladder, their stays have been brief.
In 1985, 1994, 1997 (Super League), 2000, 2016, and 2018, they all entered finals football from outside the four and were unable to make it beyond the second week.
That’s what makes 2025 so different. For the first time since 2018, Penrith are back in the finals without the safety net of a top-four spot, finishing in 7th place.
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It’s uncharted territory for a side that has dominated the past half-decade with four consecutive Grand Final appearances.
The only recent example of Penrith grinding through four straight weeks of finals came in 2021.
That year, a qualifying final loss to South Sydney forced them into sudden-death mode.
What followed was one of the most memorable finals runs of the modern era: a gritty semi-final win over Parramatta, a statement preliminary final upset of Melbourne, and ultimately redemption against South Sydney in the Grand Final.
But even then, the Panthers had the cushion of a top-four start. In 2025, the equation is simpler yet far harsher: lose once, and the season ends.
The Panthers have made a habit of rewriting records under Ivan Cleary, but this challenge will test them like no other.
To extend their dynasty and reach a sixth straight decider and claim five premierships in a row, they’ll need to achieve what no team in the NRL era has managed, to win it all from outside the top four.