This film was a true story. The character of Greg (Channing Tatum) was actually a real flying trapeze instructor in Hollywood named Ray Pierce. Ray was actually hired as the stunt coordinator, aerial rigger and trapeze coach before the producers knew he was coach in the original story. He also appears in the film playing the catcher on the trapeze.
The filming location was a historic theater in Downtown Los Angeles so they were not allowed to drill anchors into the floor for the trapeze net. They ended up bringing in over 40,000 lbs of crane weights to hold it in position.
When Jeanne Tripplehorn made her successful "catch" in the film, that take was the one and only time she ever made it across to the catcher.
Channing Tatum (Greg) enjoyed his training for the role so much he wanted to put up his own Flying Trapeze in his back yard.