The Denver Broncos won their first Super Bowl by defeating the defending champion Green Bay Packers 31-24 in Super Bowl XXXII at Qualcomm Stadium in San Diego. The game tied Super Bowl XXVII for the third-largest audience in U.S. television history with 133.4 million viewers, January 25. The defending Super Bowl champion Green Bay Packers took the opening kickoff and marched 76 yards in just over four minutes, scoring the first points on Brett Favre's 22-yard touchdown pass to Antonio Freeman. The Broncos responded with a 10 play, 58 yard drive capped by Davis's 1 yard run to tie the game. Tyrone Braxton intercepted Favre two plays later, and John Elway scored on a third and goal play to begin the second quarter. Steve Atwater forced Favre to fumble three plays later, and Neil Smith recovered at the Packers' 33. Jason Elam converted a 51 yard field goal, the second longest in Super Bowl history, to give the Broncos a 17-7 lead with twelve minutes twenty one seconds left in the half. After an exchange of punts, the Packers produced a 17 play, 95 yard drive that consumed seven the a half and finished with Favre's 6 yard touchdown pass to Mark Chmura on third and 5 with 12 seconds left in the half.

Tyrone Williams forced and recovered Davis's fumble at the Broncos' 26 on the first play from scrimmage in the second half. However, the Denver Broncos' defense kept the Green Bay Packers out of the end zone as Ryan Longwell's 27 yard field goal tied the game with less then twelve minutes left in the third quarter. After another exchange of punts, Elway's 36-yard pass to Ed McCaffrey keyed a 13-play, 92 yard drive capped by Davis's 1 yard touchdown run with 34 seconds left in the third quarter. Tim McKyer recovered Freeman's fumble at the Green Bay Packers' 22 on the ensuing kickoff return, giving the Denver Broncos a golden opportunity, but Eugene Robinson intercepted Elway's pass in the end zone on the next play. Sparked by Robinson's play, the Green Bay Packers took just four plays, three on passes to Freeman, to score the tying touchdown with 13:32 remaining. Each defense stiffened, forcing two punts, but the Broncos got great field position following Craig Hentrich's 39 yard punt to the Green Bay Packers' 49 with three and a half minutes left and the score tied 24-24. Davis rushed for two yards on the first play, but Darrius Holland's 15 yard facemask penalty moved the ball to the Packers' 32. Elway threw a 23 yard pass to Howard Griffith two plays later, and after a holding penalty, Davis rushed 17 yards to the Packers' 1 with one minutes forty seven seconds left.

After a timeout, Davis waltzed into the end zone to give Denver Broncos a 31-24 lead with one minute forty five seconds remaining. Freeman returned the kickoff 22 yards to the Broncos' 30, and Favre completed 22 and 13 yard screen passes to Dorsey Levens to reach the Denver Broncos' 35 with one minute left. But after a 4 yard pass to Levens and incompletions to Freeman and Brooks, John Mobley knocked away Favre's pass to Chmura with 32 seconds left to give the Broncos the Vince Lombardi Trophy. Elway was 12 of 22 for 123 yards, with an interception. Favre was 25 of 42 for 256 yards and a touchdown, with one interception. Freeman had nine receptions for 126 yards. Terrell Davis was named the game's Most Valuable Player (MVP). Terrell Davis rushed for 157 yards and a Super Bowl record three touchdowns to lead the Broncos to their first National Football League (NFL) championship and break the National Football Conference's streak of Super Bowl victories at 13.