The 1927–28 season was the second and last season of the Prairie Hockey League (PHL). Two of the league's three remaining teams played 26 games while the third team played 28. Two teams, the Edmonton Eskimos and Calgary Tigers, folded after the previous season leaving only three teams for this, the last PHL season. The Saskatoon Sheiks, who had finished second overall the previous season, finished first overall for this one. In the second and last championship of the Prairie Hockey League, the Saskatoon Sheiks won the PHL Championship. The Moose Jaw Maroons were the runner-up.