The Memphis Showboats were on of six expansion teams to join the USFL, in the upstart league's second season. Owned by food manufacturer Logan Young, the Showboats were coached by Pepper Rodgers.

The team got a big boost when they were able to sign University of Tennessee star pass rusher Reggie White after he was selected with a territorial pick in the USFL Draft. After losing the season opener at the Liberty Bowl to the Philadelphia Stars, the Showboats earned their first win in Week 2 against the Chicago Blitz, winning 23-13.

The Showboats had a strong defense, led by Reggie White who provided an imposing figure, with 12 sacks. However, Memphis struggled on offense as they lost seven of their first nine games.

The Showboats would make a run at . 500, winning five of six but lost their final three games and finished the season with a record of 7-11.

Walter Lewis and Mike Kelley split time at quarterback. Lewis was a double threat passing for 1,862 yards with 15 touchdowns while rushing for 552 yards with five touchdowns.

Kelley meanwhile, passed for 1,014 yards with eight touchdowns. Alan Reid rushed for 723 yards to lead the team, while Derrick Crawford was the Showboats leading pass catcher with 703 yards with 12 touchdowns.