Understanding the physical demands of futsal requires a precise quantification of the players’ activities during match play. This study aimed to (1) describe external load, identifying the differences between the first and second halves in official futsal matches; (2) identify the most important external workload metrics to profile the players; and (3) identify the collinearity between variables in the analysis of physical performance of futsal players. Match external load data were collected from male players (
n
= 28) in six games of the Final Eight of the Portuguese Futsal Cup 2018. The players increased the distance covered per minute at 12–18 km/h in the second half (
p
< 0.01). Dynamic stress load also increased in the second half (
p
= 0.01). The variables that best predicted the physical profile of each player were decelerations (predictor importance, PI = 1), walking (PI = 1), sprinting (PI = 1), jogging (PI = 0.997), total distance covered per minute (PI = 0.992), and metabolic power (PI = 0.989). Decelerations showed the highest association with the clusters levels (
p
< 0.001; PI = 1); this suggests decelerations as a potential candidate for best analyzing the physical load of futsal players. Overall, the data from this exploratory study suggest that distance covered per minute (m/min), number of sprints (>18 km/h), decelerations (greater than-2 m/s), and metabolic power (W/kg) are the variables that most discriminate the load intensity of elite futsal players.