The 1986–87 Football League was the 88th season of the Football League, a professional association football competition in England. The season spanned from August 1986 to May 1987 and consisted of four divisions. It was a significant year in the history of the league due to the introduction of several structural changes, most notably the implementation of the promotion and relegation play-offs.
In the First Division, Everton claimed the league title for the ninth time, finishing nine points clear of their local rivals and defending champions, Liverpool. Tottenham Hotspur and Arsenal followed in third and fourth place, respectively. This season continued the era in which English clubs were banned from European competitions following the Heysel Stadium disaster, meaning league positions did not grant entry into UEFA tournaments. At the bottom of the First Division table, Leicester City, Manchester City, and Aston Villa were relegated.
The 1986–87 season marked the debut of the play-off system, designed to determine promotion and relegation between divisions. In this inaugural format, the team finishing just above the relegation zone in a higher division competed against the three teams finishing just below the automatic promotion spots in the division below. In the first First Division play-off, Charlton Athletic (19th in the First Division) successfully retained their top-flight status by defeating Leeds United in the final.
In the lower divisions, Derby County won the Second Division title, with Portsmouth also gaining automatic promotion. AFC Bournemouth secured the Third Division title, while Northampton Town finished as champions of the Fourth Division.
A major milestone occurred at the bottom of the Fourth Division, where automatic promotion and relegation between the Football League and the Football Conference (the fifth tier of the English football league system) was introduced for the first time. Lincoln City became the first club to be automatically relegated from the Football League, while Scarborough became the first club to win automatic promotion into the league as champions of the Conference.
The league was sponsored by the national newspaper Today, and was officially designated as the Today League for the duration of the season.