Final OAF ranking (& ratings) for the 1987 college football season:
| Rank | Team Name | Rating | Record | AP | UPI | Bowl Game Results |
| 1 | MIAMI (F) | 120.6792 | 12-0 | 1 | 1 | Beat Oklahoma 20-14 |
| 2 | FLORIDA STATE | 120.3306 | 11-1 | 2 | 2 | Beat Nebraska 31-28 |
| 3 | OKLAHOMA | 102.2108 | 11-1 | 3 | 3 | Lost to Miami (F) |
| 4 | NEBRASKA | 99.9802 | 10-2 | 6 | 6 | Lost to Florida State |
| 5 | SYRACUSE | 92.7893 | 11-0-1 | 4 | 4 | Tied Auburn 16-16 |
| 6 | AUBURN | 92.0201 | 9-1-2 | 7 | 7 | Tied Syracuse |
| 7 | TEXAS A+M | 84.1539 | 10-2 | 10 | 8 | Beat Notre Dame 35-10 |
| 8 | OKLAHOMA STATE | 81.6371 | 10-2 | 11 | 12 | Beat West Virginia 35-33 |
| 9 | MICHIGAN STATE | 80.7763 | 9-2-1 | 8 | 8 | Beat USC 20-17 |
| 10 | LSU | 79.7152 | 10-1-1 | 5 | 5 | Beat South Carolina 30-13 |
| 11 | SOUTH CAROLINA | 78.9459 | 8-4 | 15 | 15 | Lost to LSU |
| 12 | CLEMSON | 78.6580 | 10-2 | 12 | 10 | Beat Penn State 35-10 |
| 13 | GEORGIA | 78.4768 | 9-3 | 13 | 14 | Beat Arkansas 20-17 |
| 14 | NOTRE DAME | 76.8320 | 8-4 | 17 | 21..28 | Lost to Texas A+M |
| 15 | PENN STATE | 76.6939 | 8-4 | 25 | 21..28 | Lost to Clemson |
| 16 | UCLA | 75.8427 | 10-2 | 9 | 11 | Beat Florida 20-16 |
| 17 | USC | 74.8098 | 8-4 | 18 | 17 | Lost to Michigan State |
| 18 | TENNESSEE | 73.1503 | 10-2-1 | 14 | 13 | Beat Indiana 27-22 |
| 19 | FLORIDA | 71.9200 | 6-6 | 32 | NR | Lost to UCLA |
| 20 | TEXAS | 71.0222 | 7-5 | 21 | 19 | Beat Pittsburgh 32-27 |
| 21 | PITTSBURGH | 70.2532 | 8-4 | 23 | 21..28 | Lost to Texas |
| 22 | ALABAMA | 70.1346 | 7-5 | 27 | 21..28 | Lost to Michigan |
| 23 | IOWA | 69.5214 | 10-3 | 16 | 16 | Beat Wyoming 20-19 |
| 24 | MICHIGAN | 69.4958 | 8-4 | 19 | 18 | Beat Alabama 28-24 |
| 25 | ARKANSAS | 68.1105 | 9-4 | 29 | 21..28 | Lost to Georgia |
| 26 | INDIANA | 67.9984 | 8-4 | 22 | 20 | Lost to Tennessee |
| 27 | WEST VIRGINIA | 67.2310 | 6-6 | 32 | NR | Lost to Oklahoma State |
| 28 | BOSTON COLLEGE | 66.8595 | ||||
| 29 | OHIO STATE | 66.4274 | ||||
| 30 | VIRGINIA | 65.5893 | ||||
| 31 | TEXAS TECH | 64.0245 | ||||
| 32 | TCU | 63.9490 | ||||
| 33 | HOUSTON | 63.7142 | ||||
| 34 | NORTH CAROLINA STATE | 63.5427 | ||||
| 35 | WAKE FOREST | 61.2704 | ||||
| 36 | COLORADO | 61.1567 | ||||
| 37 | WASHINGTON | 60.7530 | ||||
| 38 | WYOMING | 60.5395 | ||||
| 39 | RUTGERS | 60.5318 | ||||
| 40 | BYU | 60.4150 | ||||
| 41 | DUKE | 60.1916 | ||||
| 42 | VANDERBILT | 59.7496 | ||||
| 43 | ARIZONA STATE | 59.7040 | ||||
| 44 | NORTH CAROLINA | 59.4223 | ||||
| 45 | BAYLOR | 59.1087 | ||||
| 46 | MARYLAND | 58.9384 | ||||
| 47 | OREGON | 58.6590 | ||||
| 48 | AIRFORCE | 58.3723 | ||||
| 49 | KENTUCKY | 57.9743 | ||||
| 50 | STANFORD | 57.8147 | ||||
| 51 | ARIZONA | 57.7484 | ||||
| 52 | MEMPHIS STATE | 57.5281 | ||||
| 53 | MISSOURI | 57.4501 | ||||
| 54 | TULANE | 57.1319 | ||||
| 55 | SOUTHERN MISSISSIPPI |