For many years, this was the best team in the history of C.A. Colón. Since its promotion to the First Division in 1965, Colón quickly became one of the most stable teams in the division. The 1970s were very important for Colón, as between 1974 and 1977, Colón became a constant contender in all championships. The team was initially formed by Juan Eulogio Urriolabeitía and shone under the technical direction of Miguel Antonio Juárez. The star player was Ernesto Juan Álvarez, a remarkable left-footed player who could play anywhere in the midfield, although other club legends such as Hugo Coscia and Carlos Ángel López also played in the team during this time.

More particularly during the year 1974, Colón had what is still considered to this day as the "best defense in its history." Héctor Baley, world champion with the Argentine national team in 1978, was the goalkeeper; the central defenders were Hugo Villaverde and Enzo Trossero, who the following year would move to Independiente where they would become regulars on the national team and also win the Copa Libertadores and the Intercontinental Cup; and the full-backs, perhaps more discreet, were Edgar Fernández on the left, who due to his great performance at the riverbank club was called up to the national team, and Rubén Araos on the right, who although never called up to the national team like his other teammates, held the record for the most matches wearing the red and black jersey with 284 for many years until this record was broken in 2011.

Unfortunately for Colón, their golden era could not be crowned with a title. In 1974, they remained at the top of the Torneo Metropolitano for a long time, but a draw against San Lorenzo and three consecutive defeats in the last three matches against Ferro, Banfield, and Boca kept them from the title, leaving them just three points behind the eventual champion Newell's Old Boys. The same happened in 1975 when the city team went nineteen matches unbeaten in that year's Torneo Metropolitano, but due to the format change that year, it still wasn't enough for them to become champions.