The quest for No. 4 to win his fourth NFL Most Valuable Player award came up four votes short.
Wednesday, Oakland Raiders quarterback Rich Gannon was named the Associated Press MVP, pulling in 19 votes from a nationwide panel of 48 sports writers and broadcasters.
Favre, a three-time winner from 1995-97, finished second in the voting with 15 votes. Tennessee Titans quarterback Steve McNair took third with 11 votes.
In his 12th NFL season, Favre led the Packers to an NFC North title and a share of the league's best record at 12-4, completing 341 of 551 passes (61.9 percent) for 3,658 yards and 27 touchdowns, with 16 interceptions.
Gannon set an NFL record with 418 completions this season on 618 attempts (67.6 percent), accumulating 4,689 yards and 26 touchdowns. He threw only 10 interceptions as the Raiders went 11-5 en route to the AFC West title and earned home-field advantage for the playoffs.
Favre didn't comment on his runner-up finish Wednesday, but Tuesday said he was more concerned with getting a victory against the Atlanta Falcons in the Packers' playoff game this weekend than in winning the MVP.
"We have bigger fish to fry this week," Favre said. "To win the MVP and lose this weekend, I can't see going home saying, 'At least I got the MVP.' I'd much rather win and go on."
Perhaps Favre's most impressive contribution this season, or any as a Packer, was his 16 starts. Favre has now started in 173 consecutive regular season games, an NFL record for quarterbacks.
To keep his streak alive he had to play through the pain of a torn lateral collateral ligament, sprained in the eighth game of the season when his leg twisted awkwardly during a sack by Washington's LaVar Arrington.
Even if Favre wasn't recognized by the media as the most outstanding player in the league this year, the regard of his teammates hasn't diminished.
"He's our MVP," guard Mike Wahle said. "I don't think he cares too much about that kind of stuff, so I'm not going to care about it too much either. Gannon had a good year, but I'll take No. 4 anytime."