N2FL NCAA Top 25 Teams
*rankings finalized on January 5, 2004
| Rank | Team | W-L | AP Poll | USA Today | Previous Game Results |
| 1. | LSU | 13-1 | 2 | 1 | def. Oklahoma 21-14 in the Sugar Bowl |
| 2. | USC | 12-1 | 1 | 2 | def. Michigan 28-14 in the Rose Bowl |
| 3. | Oklahoma | 12-2 | 3 | 3 | lost to LSU 14-21 in the Sugar Bowl |
| 4. | Miami (Fla.) | 11-2 | 5 | 5 | def. Florida State 16-14 in the Orange Bowl |
| 5. | Ohio State | 11-2 | 4 | 4 | def. Kansas State 35-28 in the Fiesta Bowl |
| 6. | Georgia | 11-3 | 7 | 6 | def. Purdue 34-27 (OT) in the Capital One Bowl |
| 7. | Michigan | 10-3 | 6 | 7 | lost to USC 14-28 in the Rose Bowl |
| 8. | Iowa | 10-3 | 8 | 8 | def. Florida 37-17 in the Outback Bowl |
| 9. | Kansas State | 11-4 | 14 | 13 | lost to Ohio State 28-35 in the Fiesta Bowl |
| 10. | Washington State | 10-3 | 9 | 9 | def. Texas 28-20 in the Holiday Bowl |
| 11. | Florida State | 10-3 | 11 | 10 | lost to Miami 14-16 in the Orange Bowl |
| 12. | Miami (Ohio) | 13-1 | 10 | 12 | def. Louisville 49-28 in the GMAC Bowl |
| 13. | Maryland | 10-3 | 17 | 20 | def. West Virginia 41-7 in the Gator Bowl |
| 14. | Mississippi | 10-3 | 13 | 14 | def. Oklahoma State 31-28 in the Cotton Bowl |
| 15. | Texas | 10-3 | 12 | 11 | lost to Washington State 20-28 in the Holiday Bowl |
| 16. | Boise State | 13-1 | 16 | 15 | def. TCU 34-31 in the Fort Worth Bowl |
| 17. | Tennessee | 10-3 | 15 | 16 | lost to Clemson 14-27 in the Peach Bowl |
| 18. | Nebraska | 10-3 | 19 | 18 | def. Michigan State 17-3 in the Alamo Bowl |
| 19. | Minnesota | 10-3 | 20 | 17 | def. Oregon 31-30 in the Sun Bowl |
| 20. | Purdue | 9-4 | 18 | 19 | lost to Georgia 27-34 (OT) in the Capital One Bowl |
| 21. | Utah | 10-2 | 21 | 21 | def. Southern Mississippi 17-0 in the Liberty Bowl |
| 22. | Bowling Green | 11-3 | 23 | 23 | def. Northwestern 28-24 in the Motor City Bowl |
| 23. | TCU | 11-2 | 25 | 24 | lost to Boise State 31-34 in the Fort Worth Bowl |
| 24. | Clemson | 9-4 | 22 | 22 | def. Tennessee 27-14 in the Peach Bowl |
| 25. | Arkansas | 9-4 | -- | -- | def. Missouri 27-14 in the Independence Bowl |
| Other Notables: | Florida (8-5) |
| Oklahoma State (9-4) | |
| Virginia (8-5) | |
| Auburn (8-5) | |
| Memphis (9-4) | |
| Fresno State (9-5) | |
| N.C. State (8-5) | |