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Final OAF ranking (& ratings) for the 1974 college football season:
| Rank | Team Name | Rating | Record | AP | UPI | Bowl Game Results |
| 1 | OKLAHOMA | 124.6192 | 11-0 | 1 | Probation | No Bowl Game |
| 2 | MICHIGAN | 79.0748 | 10-1 | 3 | 5 | No Bowl Game |
| 3 | USC | 76.0846 | 10-1-1 | 2 | 1 | Beat Ohio State 18-17 |
| 4 | OHIO STATE | 75.4596 | 10-2 | 4 | 3 | Lost to USC |
| 5 | MICHIGAN STATE | 75.1961 | 7-3-1 | 12 | 18 | No Bowl Game |
| 6 | NOTRE DAME | 74.0395 | 10-2 | 6 | 4 | Beat Alabama 13-11 |
| 7 | ALABAMA | 73.4145 | 11-1 | 5 | 2 | Lost to Notre Dame |
| 8 | NEBRASKA | 69.7934 | 9-3 | 9 | 8 | Beat Florida 13-10 |
| 9 | WISCONSIN | 66.4747 | 7-4 | NR | NR | No Bowl Game |
| 10 | AUBURN | 64.4996 | 10-2 | 8 | 6 | Beat Texas 27-3 |
| 11 | TEXAS | 63.6288 | 8-4 | 17 | NR | Lost to Auburn |
| 12 | PENN STATE | 62.5793 | 10-2 | 7 | 7 | Beat Baylor 41-20 |
| 13 | TEXAS A+M | 62.1726 | 8-3 | 16 | 15 | No Bowl Game |
| 14 | MISSOURI | 62.0357 | 7-4 | NR | NR | No Bowl Game |
| 15 | BAYLOR | 61.9543 | 8-4 | 14 | 14 | Lost to Penn State |
| 16 | ARKANSAS | 59.6663 | 6-4-1 | NR | NR | No Bowl Game |
| 17 | TENNESSEE | 59.0719 | 7-3-2 | 20 | 15 | Beat Maryland 7-3 |
| 18 | MARYLAND | 58.4469 | 8-4 | 13 | 13 | Lost to Tennessee |
| 19 | SMU | 57.7984 | ||||
| 20 | MISSISSIPPI STATE | 57.4659 | ||||
| 21 | OKLAHOMA STATE | 57.4257 | ||||
| 22 | CLEMSON | 56.5911 | ||||
| 23 | CALIFORNIA | 55.7746 | ||||
| 24 | NORTH CAROLINA STATE | 55.3743 | ||||
| 25 | MIAMI (O) | 55.3520 | ||||
| 26 | FLORIDA | 54.7864 | ||||
| 27 | ILLINOIS | 54.3464 | ||||
| 28 | GEORGIA TECH | 54.2122 | ||||
| 29 | KENTUCKY | 54.0241 | ||||
| 30 | GEORGIA | 53.9469 | ||||
| 31 | STANFORD | 53.7956 | ||||
| 32 | PITTSBURGH | 53.3357 | ||||
| 33 | COLORADO | 53.2848 | ||||
| 34 | VANDERBILT | 53.1306 | ||||
| 35 | UCLA | 52.6510 | ||||
| 36 | TEXAS TECH | 52.5056 | ||||
| 37 | PURDUE | 52.2055 | ||||
| 38 | NORTH CAROLINA | 51.3298 | ||||
| 39 | DUKE | 50.7329 | ||||
| 40 | LSU | 49.9313 | ||||
| 41 | IOWA STATE | 49.8880 | ||||
| 42 | KANSAS STATE | 49.7351 | ||||
| 43 | HOUSTON | 49.7079 | ||||
| 44 | BOSTON COLLEGE | 49.6848 | ||||
| 45 | KANSAS | 49.1835 | ||||
| 46 | IOWA | 48.5301 | ||||
| 47 | TULSA | 48.0618 | ||||
| 48 | RICE | 47.7709 | ||||
| 49 | WASHINGTON | 46.8243 | ||||
| 50 | MINNESOTA | 46.0792 | ||||
| 51 | SOUTH CAROLINA | 44.5380 | ||||
| 52 | CINCINNATI | 44.4775 | ||||
| 53 | TEMPLE | 44.3450 | ||||
| 54 | NORTHWESTERN | 43.8251 | ||||
| 55 | MEMPHIS STATE | 43.6547 |