The Panthers dominated territory but were left scampering in the final minutes of Sunday's grand final at Suncorp Stadium to ensure Souths didn't steal a win in captain Adam Reynolds and coach Wayne Bennett's final game for the club.

Souths had been tackled just once inside Penrith's 20-metre zone but were hanging on, with the scores locked at 8-8 with 13 minutes to play as Penrith squandered chances.

The wall finally burst though, with star Rabbitohs playmaker Cody Walker's all-or-nothing cut out pass intercepted by Panthers winger Stephen Crichton who ran 35 metres to score and create a six-point lead.

Souths weren't flustered though, with Walker setting up Alex Johnston's 30th try of the season to get within two points.

But Reynolds' sideline conversion attempt flew just outside the right post.

Walker then threw a pass over the sideline with just over two minutes to go as a possible Johnston match-winner went begging, before Reynold's two-point field goal attempt fell well short of the uprights.

It was only Bennett's second loss in his 10th grand final as a coach, his appearances now stretching across five decades with four different clubs.

Penrith's third title was a breakthrough for Bennett's Penrith counterpart Cleary in his 370th game as a coach, becoming the only man to win one for the first time after their 250th game.

The Panthers' victory comes after a 17-game winning streak was brutally snapped by Melbourne in last year's grand final, the Storm romping to a 22-0 halftime lead in that boilover.

There was no such shellshock on Sunday night.

A COVID-19-capped capacity 39,322 were in Suncorp Stadium for Brisbane's first grand final after the full house was restricted to 75 per cent midweek.

Panthers playmaker Cleary was awarded the Clive Churchill Medal as player of the match, after his kicking game set the tone.

Penrith averaged almost 20 metres per set more than Wayne Bennett's side, despite the Rabbitohs making 29 tackle breaks to 15

Matt Burton managed one of those Penrith tackle breaks, slicing through when the Panthers ran it on the last tackle, breaking the deadlock after 16 minutes of peppering the line.

Walker's brilliant individual try was the reply, the Souths five-eighth fending off Nathan Cleary as he beat four men to keep his side in the game.

But Penrith kept coming, controlling the ruck to exhaust Souths as halftime approached.

A Cleary penalty goal was their only reward though, Souths somehow defied a Penrith raid in the final seconds to go to the break down by just 8-6.

A groggy-looking Dane Gagai had earlier passed a HIA after a tackle gone wrong, while Souths teammate Jai Arrow was eventually ruled out in the second half after he was taken high in the first half.