The 2021 Bahamas Bowl was a college football bowl game played on December 17, 2021, at Thomas Robinson Stadium in Nassau, Bahamas. The seventh annual Bahamas Bowl, as well as the first to take place after the COVID-19 pandemic forced the cancellation of the 2020 edition, the game featured the Middle Tennessee Blue Raiders of Conference USA and the Toledo Rockets of the Mid-American Conference. The game began at 12:00 p.m. EST and aired on ESPN. It was the first of the 2021–22 bowl games concluding the 2021 FBS football season.

Both teams entered the game with similar records, as the Blue Raiders concluded their regular season with a 6–6 mark and the Rockets finished theirs with a record of 7–5. Each team made their second Bahamas Bowl appearance; Toledo made their 18th appearance in a bowl game, five more than Middle Tennessee's 13 total appearances. In previews of the contest, each team had been identified as having very different strengths. Middle Tennessee's defense earned praise, though their offense struggled throughout the season, and they were without quarterback Chase Cunningham after his injury in late October 2021. Toledo's rushing offense was widely regarded as their team's best quality, with the Rockets averaging nearly 200 rushing yards per game throughout the year.

The game began with an edge towards defense, as Nick Vattiato's six-yard touchdown pass to Yusuf Ali for Middle Tennessee was the only score of the first quarter. Both offenses showed up more in the second quarter; Toledo scored twice in two minutes to tie the game and then take the Rockets' first lead, though Middle Tennessee tied the contest again with nine minutes until halftime. A Toledo field goal gave the Rockets a three-point halftime lead, which they carried into the fourth quarter after the third quarter finished scoreless. Starting with the first play of the game's final period, Middle Tennessee started a streak of seventeen unanswered points. Despite a touchdown by Toledo with just over a minute remaining in the game, Middle Tennessee maintained the lead and won the game, 31–24.

This was the seventh edition of the game; the 2020 edition was cancelled due to travel restrictions related to the COVID-19 pandemic. Consistent with conference tie-ins, the game featured the Middle Tennessee Blue Raiders from Conference USA and the Toledo Rockets from the Mid-American Conference. This was the first meeting between Middle Tennessee and Toledo, making the game one of 18 to feature teams who had not previously met. It was also the first edition of the Bahamas Bowl to feature any team that previously played in the bowl; both teams made their second appearance, with Middle Tennessee losing the 2015 edition and Toledo losing the 2018 edition. Overall, Middle Tennessee made their 13th bowl game appearance, while Toledo made their 18th.

After starting their season with a win over Monmouth, Middle Tennessee (MTSU) suffered three straight road losses against Virginia Tech, UTSA, and Charlotte, dropping their overall record to 1–3. They earned their first conference victory to begin October against Marshall, though they faltered again the following week at Liberty. After a bye week, MTSU earned their first road victory of the season against UConn and then returned home to defeat Southern Miss on homecoming, which bumped their winning percentage back up to .500. The Blue Raiders would alternate wins and losses throughout the month of November; they fell to Western Kentucky on the road, defeated FIU at home, and lost to Old Dominion at home leading up to the regular season's final week. Facing Florida Atlantic, with a win required for bowl eligibility, Middle Tennessee pulled out a ten-point victory to earn their sixth win of the year. They accepted their invitation to the Bahamas Bowl on November 28, 2021, the day following their final regular season game. The Blue Raiders entered the game with a record of 6–6, and a 4–4 mark in conference play.

Toledo began their season strong, with a dominant win over Norfolk State and a close loss against No. 8 Notre Dame that saw the Rockets nearly pull the upset. A loss to Colorado State followed, but Toledo bounced back with back-to-back road wins against Ball State and UMass. Toledo's homecoming game saw the Rockets fall by two points to Northern Illinois, and they dropped another close game the following week, this time on the road against Central Michigan by a field goal in overtime. A defeat of Western Michigan concluded the month of October, but November started the following week with a loss to Eastern Michigan. Now 4–5, Toledo needed two wins in their final three games to attain bowl eligibility; they would go on to win all three, against Bowling Green, Ohio, and Akron, each by at least twelve points. Toledo accepted their invitation to the bowl on November 28, 2021, the day after their final regular season game. The Rockets entered the game with a record of 7–5, and a 5–3 mark in conference play.

According to previews and predictions of the game, Toledo was expected to win, with their rushing offense usually cited as a key quality of the team's effectiveness. Toledo entered the game averaging nearly 200 rushing yards per game over the course of the season, having eclipsed the 200-yard mark in seven of their twelve games, including all of the final four. The Rockets were praised for being one of the few teams ranked in the top 25 in both offensive and defensive yards per play, and the lack of turnovers committed by the Toledo offense was expected to somewhat neutralize the high turnover-forcing numbers of the MTSU defense. Middle Tennessee received more mixed reviews; with quarterback Chase Cunningham out with an injury since October, the Blue Raiders' offense was expected to face a challenge. Middle Tennessee was described as "more of a defensive team" by some; the MTSU offense was not included in the nation's top 100 teams by yards per play over the course of the season. Overall, Toledo entered the game favored by ten points.

Scheduled for a 12:00 p.m. EST start, the game began at 12:05 p.m. with Scott Payne's opening kickoff, which was returned by Toledo's Jacquez Stuart to the Rockets' 36-yard-line. The game started slowly for both offenses as both teams were forced to punt on each of their first two drives. The Rockets' opening drive saw them gain a first down on their second play, but three straight incomplete passes afterwards brought up 4th & 10; MTSU got the ball on their own 10-yard-line and achieved a first down on their first and second offensive plays of the game but ended up punting on 4th & 4 a few plays later. Both teams then went three-and-out on their second drives, each finishing with a net loss of two yards on their three plays. Toledo had a chance at the game's first points on their next drive, as they drove from their own 27-yard-line to the Middle Tennessee 17-yard-line, though Thomas Cluckey missed a 35-yard field goal attempt, giving the Blue Raiders the ball back. Middle Tennessee was able to capitalize off of this miscue – a roughing the passer penalty on 3rd & 15 extended the drive and a 14-yard rush on a 3rd & 7 later in the series put MTSU in the red zone; three plays later, quarterback Nick Vattiato completed a pass to Yusuf Ali for a six-yard touchdown, giving Middle Tennessee a 7–0 lead. Toledo took possession at their own 25-yard-line after the ensuing kickoff went out for a touchback. They advanced the ball to the Middle Tennessee 48-yard-line in four plays before the first quarter expired.