The purpose was three-fold: (1) to investigate the effect of baseline, precompetition, and postcompetition stress on salivary cortisol levels in top-ranking Brazilian wrestlers (N = 17) participating in a national competition; (2) to estimate correlations among three stress measures (perceived stress, salivary cortisol, and physiological stress reaction); and (3) to compare cortisol concentrations between losers and winners. Salivary cortisol was collected at baseline, pre-, and postcompetition. Physiological stress reaction and perceived stress scores were measured just before warm-up for the competition. Analysis showed a significant main effect for testing time. Correlations among the stress measures were not significant. Analysis of covariance between the winners (n = 10) and the losers (n = 7) was also not significant. Salivary cortisol concentrations increased after the intense exercise of competition. The wrestlers did not perceive any physiological effects.