In a nerve-wracking finish at ANZ Stadium, Penrith came from 26-0 down with 28 minutes to play to reduce the margin to six with just three seconds remaining.

With the Storm down to 11 men with Jahrome Hughes and Brandon Smith in the sin-bin, Penrith had one final play to level it from the kick-off after a late Nathan Cleary try.

But after they went back-and-forth across the field, the ball landed in Felise Kaufusi's hands to wrap up Melbourne's fourth title and by far their gutsiest.

It brought to an end Penrith's record-breaking season, halting their winning streak at 17 but without the major prize to go with it.

Melbourne are the most dominant team of the 21st century, however, none of their titles have had a backstory like this.

The players haven't slept in their own beds since June, having been forced into camp firstly in Sydney before settling on the Sunshine Coast due to the COVID-19 outbreak in Melbourne.

It's also their first premiership without all of the big three on the park, with Billy Slater and Cooper Cronk's exit originally expected to spell their demise.

"With the conditions that we've been under, I think it's a remarkable effort to be here tonight and get a victory," Smith said.

"We haven't been home for about five months.

"We did it the hard way with 11 men in the end. Penrith were coming home with a wet sail."

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But you wouldn't have known their adversities the way they started on Sunday.

They had the game's first try in the fourth minute, when Tyrone May kicked the ball out of Justin Olam's hands as he went to ground it after a spread to the left.

And while Penrith missed their chances, including one denied for a Stephen Crichton obstruction, Melbourne took theirs.

After Cameron Smith made it 10-0 with two penalty goals, Suliasi Vunivalu summed up the night when he latched onto a lofted Cleary pass, escaped an attempted tackle and ran 85 metres to score.

At that point Penrith had enjoyed the bulk of the ball and 23 tackles on the Storm's line to just two at their own end, for absolutely no reward.

Smith then potentially scored the final try of his NRL career right on halftime when he regathered a ball batted out of his hands, the game looked over.

When Ryan Papenhuyzen sprinted 70 metres after the break to score untouched from a scrum the game looked gone, and had the statisticians searching for the record books.

But it was then the comeback began.

Brian To'o crossed for Penrith's first when he ran onto an Isaah Yeo kick after an apparent obstruction, before Crichton reduced the margin further.

When Josh Mansour dotted down on the left wing with eight minutes to go and Hughes was binned, a miracle looked possible.

Cleary then skipped through the line in the dying seconds, just after Brandon Smith was also walked from the field.

However, it was too little too late, condemning the Panthers to just their second loss of the year and with little reward for one of the finest seasons in memory.

"I thought I let the boys down," Cleary said.

"There were a few moments through the intercept and the one at halftime.

"Just let in too many ordinary tries."

Australian Associated Press