* RESULT: Melbourne 26 defeated Penrith 20 in front of 37,303 fans at ANZ Stadium

* THE STORY: Melbourne have taken advantage of a Penrith side that suffered with stage fright and fell behind 26-0 after 47 minutes, before withstanding two late sin-bins and a furious comeback to dramatically triumph by six points.

* KEY MOMENT: Penrith had one last chance to force golden point with just three seconds left on the clock, and while it went through numerous sets of hands, Melbourne second-rower Felise Kaufusi intercepted a hail mary pass to survive a wild finish and seal victory.

* KEY PERFORMANCE: Melbourne fullback Ryan Papenhuyzen scored an electric 70-metre solo try and produced a miracle tap-back off a Nathan Cleary touch finder in the second half to cap off a remarkable individual performance that included a game-high 187 metres to claim the Clive Churchill medal.

* KEY QUOTE: "If there was another couple of minutes on the clock I don't know what would've happened there," Melbourne captain Cameron Smith told Nine Network after Penrith's spirited comeback.

* KEY STAT: Melbourne's first score to Justin Olam was the first penalty try - with Penrith centre Tyrone May ruled for kicking out at the ball with an opponent in the act of scoring - in a grand final since Jamie Lyon in 2013.

* JUDICIARY WATCH: Panthers - James Fisher-Harris (dangerous contact)

* INJURIES: Storm - Nelson Asofa-Solomona (wrist)

Australian Associated Press