In 1982, Woolfolk was named the NFC's Offensive Rookie of the Year, after appearing in all nine games of the strike-shortened NFL season, in which he rushed for 439 yards, caught 23 passes for 224 yards, and scored four touchdowns. In a December 1982 game against the Oilers, Woolfolk scored his first two NFL touchdowns, one rushing and one receiving, to help the Giants win, 17–14. With the Giants trailing and less than two minutes remaining in the game, Woolfolk scored on a 40–yard gain after making a leaping, one-handed catch. The next day, "The New York Times" published an article headlined, "The Catch By Woolfolk." The article concluded that with Woolfolk and Rob Carpenter, the Giants "have their best backfield combination since the glory years of Frank Gifford and Alex Webster a quarter of a century ago." Over the course of the season his 1,091 all-purpose yards was third to only James Brooks (1,383) and Marcus Allen (1,098).