In 1950, Waterfield shared the quarterback position with Norm Van Brocklin with each starting six games. Waterfield's 57.3% completion percentage was the best in the NFL for the 1950 season. The 1950 Rams compiled a 9–3, won the National Conference championship, defeated the Chicago Bears in a divisional playoff game, and lost to the Cleveland Browns in the 1950 NFL Championship Game. In the playoff game against the Bears, Waterfield came off the bench suffering from the flu and completed 14 of 21 passes for 280 yards, including touchdown passes of 68, 28, and 22 yards to Tom Fears; Waterfield also kicked a 43–yard field goal and three extra points in the game. After the game, George Halas called the Rams "the finest passing team I've ever played against." On the first play from scrimmage in the 1950 NFL Championship Game, Waterfield threw an 82-yard touchdown pass to Glenn Davis, but the Browns prevailed, 30–28.