The first phase had 19 teams divided into four round-robin groups of four and one group of three (defending champions Nacional received a bye to the second phase).
Copa del Rey | 1972 | 1972 Summer Olympics | 1972 in music | Copa Libertadores | Copa América | Local Government Act 1972 | United States presidential election, 1972 | 2011 Copa América | Basketball at the 1972 Summer Olympics | Winnipeg Jets (1972–96) | 1997 Copa América | 1972–73 WHA season | 1999 Copa América | The Brothers (1972 TV series) | Canoeing at the 1972 Summer Olympics | 2013–14 Copa del Rey | 2004 Copa América | 1972 Republican National Convention | 1972 Democratic National Convention | 2008–09 Copa del Rey | 1972 in television | 1972 in film | 1972 in baseball | The Mechanic (1972 film) | Fata Morgana (1972 film) | 2012–13 Copa del Rey | World Chess Championship 1972 | United States Senate elections, 1972 | The Poseidon Adventure (1972 film) |
Universitario went onto win a fourth national title and qualified to the 1972 Copa Libertadores, in which they reached the final to play against Independiente of Argentina.