N2FL NCAA Top 25 Teams
*rankings finalized on January 5, 2005
| Rank | Team | W-L | AP Poll | USA Today | Previous Game Results |
| 1. | USC | 13-0 | 1 | 1 | def. Oklahoma 55-19 in the Orange Bowl |
| 2. | Auburn | 13-0 | 2 | 2 | def. Virginia Tech 16-13 in the Sugar Bowl |
| 3. | Oklahoma | 12-1 | 3 | 3 | lost to USC 19-55 in the Orange Bowl |
| 4. | Texas | 11-1 | 5 | 4 | def. Michigan 38-37 in the Rose Bowl |
| 5. | Louisville | 11-1 | 6 | 7 | def. Boise State 44-40 in the Liberty Bowl |
| 6. | Utah | 12-0 | 4 | 5 | def. Pittsburgh 35-7 in the Fiesta Bowl |
| 7. | Georgia | 10-2 | 7 | 6 | def. Wisconsin 24-21 in the Outback Bowl |
| 8. | Virginia Tech | 10-3 | 10 | 10 | lost to Auburn 13-16 in the Sugar Bowl |
| 9. | Iowa | 10-2 | 8 | 8 | def. LSU 30-25 in the Capital One Bowl |
| 10. | Miami (Fla.) | 9-3 | 11 | 11 | def. Florida 27-10 in the Peach Bowl |
| 11. | California | 10-2 | 9 | 9 | lost to Texas Tech 31-45 in the Holiday Bowl |
| 12. | LSU | 9-3 | 16 | 16 | lost to Iowa 25-30 in the Capital One Bowl |
| 13. | Michigan | 9-3 | 14 | 12 | lost to Texas 37-38 in the Rose Bowl |
| 14. | Tennessee | 10-3 | 13 | 15 | def. Texas A&M 38-7 in the Cotton Bowl |
| 15. | Florida State | 9-3 | 15 | 14 | def. West Virginia 30-18 in the Gator Bowl |
| 16. | Wisconsin | 9-3 | 17 | 18 | lost to Georgia 21-24 in the Outback Bowl |
| 17. | Boise State | 11-1 | 12 | 13 | lost to Louisville 40-44 in the Liberty Bowl |
| 18. | Arizona State | 9-3 | 19 | 20 | def. Purdue 27-23 in the Sun Bowl |
| 19. | Boston College | 9-3 | 21 | 21 | def. North Carolina 37-24 in the Continental Tire Bowl |
| 20. | Ohio State | 8-4 | 20 | 19 | def. Oklahoma State 33-7 in the Alamo Bowl |
| 21. | Texas Tech | 8-4 | 18 | 17 | def. California 45-31 in the Holiday Bowl |
| 22. | Fresno State | 9-3 | 22 | 22 | def. Virginia 37-34 (OT) in the MPC Computers Bowl |
| 23. | Virginia | 8-4 | 23 | 23 | lost to Fresno State 34-37 (OT) in the MPC Computers Bowl |
| 24. | Navy | 10-2 | 24 | 24 | def. New Mexico 34-19 in the Emerald Bowl |
| 25. | Florida | 7-5 | -- | 25 | lost to Miami (Fla.) 10-27 in the Peach Bowl |
| Other Notables: | Texas A&M (7-5) |
| West Virginia (8-4) | |
| Pittsburgh (8-4) | |
| Bowling Green (9-3) | |
| Northern Illinois (9-3) | |
| Colorado (8-5) | |
| Minnesota (7-5) |