The 1987 NCAA Division III football season, part of the college football season organized by the NCAA at the Division III level in the United States, began in August 1987, and concluded with the NCAA Division III Football Championship, also known as the Stagg Bowl, in December 1987 at Garrett-Harrison Stadium in Phenix City, Alabama. Wagner won their first Division III championship by defeating Dayton in the championship game, 19−3. Due to NCAA rule changes in 1991, both schools are now members Football Championship Subdivision (formerly I-AA).