The Buffaloes' only loss of the season came on the road against eventual consensus national champion Nebraska. Colorado, ranked #2 at the time, was in line to play for the national title as part of the Bowl Coalition. They were leapfrogged in the polls by the Cornhuskers, who had been ranked #3, and finished the regular season ranked #4.
The problem of scheduling bowl match-ups for top-ranked teams led to the dissolution of the Bowl Coalition and the creation of the Bowl Alliance (#2 ranked Penn State was not eligible as a member of the Big Ten Conference to play the #1 ranked team). Notre Dame, playing as an independent, had its own agreement with the Bowl Coalition, which allowed the Fiesta Bowl to choose them as an at-large opponent over more highly ranked teams.
Ranking movements Legend:██ Increase in ranking. ██ Decrease in ranking. NR = Not ranked RV = Received votes. т = Tied with team above or below. ( ) = First place votes.