This preliminary study examined the effects of playing walking football with and without a goalkeeper (GK) on physiological, physical, technical, and perceptual variables in older men. Twenty participants (67 ± 4.7 years) engaged in two five vs. five walking football sessions, one WITH-GK and one WITHOUT-GK, using a randomized crossover design. The heart rate (HR), distance covered, technical actions, perceived exercise intensity, and enjoyment were measured. The results showed a significantly higher average HR (131 bpm vs. 123 bpm, p p 80%HRmax, p p p p p p = 0.01), although the enjoyment levels were similar, with a slight preference for WITHOUT-GK. Overall, playing WITHOUT-GK provides a safer, lower-intensity alternative to WITH-GK, reducing the physical and perceived strain while maintaining enjoyment. This makes WITHOUT-GK particularly suitable for older adults or individuals with health conditions, promoting participation and rehabilitation with minimized risks.