Entering the 1970 bowl season, Colorado finished the regular season with a record of 6–4. Following the completion of their regular season, the Buffaloes accepted a bid to play in the Liberty Bowl for the second consecutive year. The appearance in the game marked Colorado's second in the Liberty Bowl and their sixth overall bowl appearance.
Entering the 1970 bowl season, Tulane finished the regular season with a record of 7–4. Following a 26–14 defeat to the rivalLSU Tigers, the Green Wave accepted a bid to play in the Liberty Bowl. The appearance in the game marked Tulane's first since the 1940 Sugar Bowl and their fourth overall bowl appearance.
In an early defensive struggle, Tulane threatened to score first after Rick Kingreaintercepted a Paul Arendt pass an returned it to the Colorado six-yard line. Four plays later the Green Wave scored first on a 19-yard Lee Gibson field goal. Colorado evened the score 3–3 in the second quarter on a 32-yard David Haney field goal to cap a 15-play, 63-yard drive. In the second half the Green Wave scored touchdowns on a pair of David Abercrombie runs to win the game 17–3. For his 124 yards rushing and two touchdowns, Abercrombie was named the game's Most Valuable Player.