A young Swan Districts team took it up to the almost unbackable favourites and led by 21 points going into time on of the second quarter. That had pro-Swans crowd of 23,199 in full voice until the Lions kicked 17 of the last 22 goals to run out 22.16 (148) to 14.7 (91) winners.
While both sides possess a host of likely draftees, much of the pre-game focus was on Subiaco's selection of Daniel Chick as a late inclusion for defender Ben Randall.
As for the future stars, Nicholas Naitanui played back, forward and in the ruck for Swans but had limited impact with 11 possessions and 12 hit outs.
But the man touted by many as a number one draft pick provided one of the game's great highlights in the first quarter when he gave up a 10-metre start to Phil Read but caught him, laid a terrific tackle and won a free kick.
Chris Yarran was quiet up forward for Swans with just one goal, while Clancee Pearce and Todd Banfield had their moments. For Subiaco, Daniel Rich was quiet with nine possessions but Adam Cockie was superb with 18 hard earned possessions and a goal.
As well as winning three straight, Subiaco has now won four of the last five WAFL flags with Allistair Pickett, Marc Webb, Mark Haynes, Chad Cossom, Luke Newick and Darren Rumble having played in all four successes.
Webb has captained the Lions to all three flags while Watters has now coached back-to-back flags after taking over from Peter German.
In the last of a glittering 325-game senior career, Jarrad Schofield was brilliant for Subiaco collecting 32 possessions and kicking a goal. The 33-year-old triple WAFL and 2004 AFL premiership player with Port Adelaide is now looking to move into coaching, possibly starting in charge of Subiaco's colts.
Former Melbourne and West Coast player Read shook off an early report and third quarter concussion to finish with 24 possessions and two goals, with Shaun Hildebrandt, Haynes, Caine Hayes and Kyal Horsley all terrific for the winners.
Damaging left footer Chris Hall was awarded the Simpson Medal as best on ground in his third premiership with 21 possessions and two goals. Brad Smith kicked his second straight century of goals this season and added six, with centre half-forward David Mapleston also kicking four.
Gun midfielder Josh Roberts led the way for Swans with 20 possessions and two goals, with ponytail sensation Brett Wolfenden continuing his terrific first season with 21 possessions and a goal.
Llane Spaanderman was solid in the ruck all day and Garth Taylor was solid as stand-in skipper for Adam Lange, who broke his collarbone in the first semi-final.
Subiaco 3.5 9.9 15.13 22.16 (148)
Swan Districts 6.3 9.5 10.6 14.7 (91)
GOALS
Subiaco: Smith 6, Mapleston 4, Read 3, Hildebrandt 2, Cossom 2, Hall 2, Cockie, Hayes, Schofield
Swan Districts: Notte 2, Roberts 2, Pullman, Naitanui, Banfield, Garlett, Taylor, Davis, Wolfenden, M McKinlay, Yarran, Geappen
BEST
Subiaco: Hall, Read, Schofield, Hildebrandt, Smith, Mapleston, Haynes, Hayes
Swan Districts: Roberts, Wolfenden, Spaanderman, Johnson, Taylor
Umpires: Statham, Parry, Margetts
Official crowd: 23,199 at Subiaco Oval
Simpson Medal: Chris Hall (Subiaco)
