In 2012, Lulay had another strong season, leading the Lions to another first-place finish and a berth in the West Final. Despite playing in just 16 games, he set career highs for completions, completion percentage and passer rating. Lulay also spent much of the season chasing history, as he was approaching the record for most consecutive games played with at least one touchdown pass. In the 15th game of the season, he extended the streak to 26 games, but injured his shoulder and did not play in the next game. Because he dressed in the game, by CFL rules, the streak ended. However, the CFL amended the rules and declared the streak intact since he did not play in the next two games. Lulay played in the last game of the season, but only for 18 minutes, and did not throw for a touchdown, ending his streak at 26 games, second only to Sam Etcheverry's 34. Lulay was named the CFL's offensive player of the week for week 12 and the offensive player of the month for September. For the second consecutive season, he was the Lions' nominee for the CFL's Most Outstanding Player Award. The Lions' hopes of repeating as Grey Cup champions ended in the West Final where they lost to the Calgary Stampeders. Lulay completed 33 of 46 passes for 274 yards and one touchdown, but it was not enough as the Lions lost, 34–29.