Only the final standings are known, but the season was divided into two halves. Coles American Giants won the first half, and the Nashville Elite Giants won the second half. The two teams faced off at the end of the season in a 7-game playoff series to determine the league champion.
CAG 5
NSH 3
Champ
CAG
1932 NSL Champion Coles American Giants
z: best record, c: conference winner, y: division winner, w: wildcard, x: clinched playoff spot