The 1923 St. Louis All-Stars missed the postseason after finishing the NFL regular season in 14th place with a 1-4-2 record.
The All-Stars began the 1923 season with a 25–0 defeat of a team from Murphysboro, Illinois in a non-league game. For the second game, the All-Stars played the Green Bay Packers to a scoreless tie at Bellevue Park. They followed up with another scoreless tie against the Hammond Pros.
However, the All-Stars were losing money. Kraehe lost more than $2,000, as only 719 spectators attended the team's home opener at Sportsman's Park. He blamed the low attendance on rainy weather and the fact that most sports fans were concentrating on the World Series being played in New York City. However, the lack of offense from the All-Stars made the St. Louis fans reluctant to spend their money to see a team that had not scored a touchdown in their first four NFL games. The All-Stars lost their second and third NFL games to the Cleveland Indians and the Milwaukee Badgers. Both scores resulted in 6–0 losses. The team also lost a fifth game to the Packers in front of a home crowd of only 750. The All-stars held the Packers scoreless for most of the game until Cub Buck kicked a 28-yard field goal to give the Packers a 3–0 win.
Things did take a turn for the better when the All-Stars played the Oorang Indians, featuring Jim Thorpe, in front of 5,000 fans the following week. The Indians were a popular attraction in the early NFL. They were more of a novelty team and not considered very good. This raised the All-Stars hopes for a victory, or at least a touchdown. Al Casey scored both of St. Louis' touchdowns in a 14–7 All-Stars win. Meanwhile, Thorpe threw a touchdown pass to put the Indians on the scoreboard. The Indians' visit helped ease the team's financial losses.
Two weeks later, The All-Stars played the Milwaukee Badgers in a rematch at Sportsman's Park. The Badgers' Jimmy Conzelman was one of St. Louis' most popular athletes and Kraehe hoped that his presence would put fans in the stands. 2,395 fans paid to see Conzelman and the Badgers win 17–0 (a better crowd than usual, but still below expectations).