Later that season, Elliott signed to drive the No. 21 for Wood Brothers Racing in 2007, in part due to his championship provisional, which guaranteed starting the race. Since fellow champion Dale Jarrett had used all of his guaranteed starts in his Toyota for Michael Waltrip Racing, Elliott was the only champion eligible for the provisional not guaranteed a spot by being in the top 35 in owner's points. His first race for the team was the Coca-Cola 600 at Charlotte, which he qualified without needing one of his six provisionals. He led the race at one point until he was involved in a wreck around lap 200. At Michigan, Elliott gave the team a much needed 11th-place finish, and was kept in the car until the fall Richmond race. The car then fell out of the top 35 again but at Bristol got back into top 35 in points. Ken Schrader returned to the No. 21 replacing Elliott at a testing session at Talladega Superspeedway due to the team being back in the top 35 in owner's points. He returned for the final four races after the 21 fell out of the top-35 once again.