Final OAF ranking (& ratings) for the 1988 college football season:
| Rank | Team Name | Rating | Record | AP | UPI | Bowl Game Results |
| 1 | MIAMI (F) | 117.6786 | 11-1 | 2 | 2 | Beat Nebraska 23-3 |
| 2 | NOTRE DAME | 116.4823 | 12-0 | 1 | 1 | Beat West Virginia 34-21 |
| 3 | FLORIDA STATE | 114.1980 | 11-1 | 3 | 3 | Beat Auburn 13-7 |
| 4 | MICHIGAN | 99.7068 | 9-2-1 | 4 | 4 | Beat USC 22-14 |
| 5 | USC | 98.9375 | 10-2 | 7 | 9 | Lost to Michigan |
| 6 | WEST VIRGINIA | 94.5764 | 11-1 | 5 | 5 | Lost to Notre Dame |
| 7 | NEBRASKA | 88.1322 | 11-2 | 10 | 10 | Lost to Miami (F) |
| 8 | OKLAHOMA STATE | 83.9628 | 10-2 | 11 | 11 | Beat Wyoming 62-14 |
| 9 | UCLA | 81.2627 | 10-2 | 6 | 6 | Beat Arkansas 17-3 |
| 10 | WASHINGTON STATE | 78.0280 | 9-3 | 15 | 15 | Beat Houston 24-22 |
| 11 | CLEMSON | 77.8318 | 10-2 | 9 | 8 | Beat Oklahoma 13-6 |
| 12 | OKLAHOMA | 77.0626 | 9-3 | 14 | 14 | Lost to Clemson |
| 13 | ARKANSAS | 75.8334 | 10-2 | 12 | 13 | Lost to UCLA |
| 14 | AUBURN | 74.0131 | 10-2 | 8 | 7 | Lost to Florida State |
| 15 | SYRACUSE | 73.6512 | 10-2 | 13 | 12 | Beat LSU 23-10 |
| 16 | SOUTHERN MISSISSIPPI | 70.8426 | 10-2 | 23 | NR | Beat UTEP 38-18 |
| 17 | LSU | 70.3189 | 8-4 | 19 | NR | Lost to Syracuse |
| 18 | ARIZONA | 70.1707 | 7-4 | NR | NR | No Bowl Game |
| 19 | ALABAMA | 67.2470 | 9-3 | 17 | 17 | Beat Army 29-28 |
| 20 | HOUSTON | 66.7680 | 9-3 | 18 | Probation | Lost to Washington State |
| 21 | WYOMING | 66.1618 | 11-2 | 21 | 20 | Lost to Oklahoma State |
| 22 | TEXAS A+M | 63.7836 | ||||
| 23 | ARIZONA STATE | 63.4614 | ||||
| 24 | INDIANA | 62.0385 | ||||
| 25 | WASHINGTON | 61.5393 | ||||
| 26 | GEORGIA | 60.8431 | ||||
| 27 | VIRGINIA | 60.1967 | ||||
| 28 | NORTH CAROLINA STATE | 60.0335 | ||||
| 29 | MICHIGAN STATE | 59.7910 | ||||
| 30 | CALIFORNIA | 59.4234 | ||||
| 31 | IOWA | 59.2558 | ||||
| 32 | SOUTH CAROLINA | 59.1495 | ||||
| 33 | STANFORD | 58.5636 | ||||
| 34 | OREGON STATE | 58.3970 | ||||
| 35 | WAKE FOREST | 58.2630 | ||||
| 36 | DUKE | 57.5482 | ||||
| 37 | TENNESSEE | 57.1979 | ||||
| 38 | OHIO STATE | 57.0487 | ||||
| 39 | LOUISVILLE | 56.9252 | ||||
| 40 | OREGON | 56.0696 | ||||
| 41 | MARYLAND | 55.6910 | ||||
| 42 | PITTSBURGH | 55.4943 | ||||
| 43 | PENN STATE | 55.1718 | ||||
| 44 | HAWAII | 54.6052 | ||||
| 45 | FLORIDA | 54.5626 | ||||
| 46 | COLORADO | 53.8696 | ||||
| 47 | ILLINOIS | 53.7934 | ||||
| 48 | MEMPHIS STATE | 53.7193 | ||||
| 49 | UTEP | 53.5952 | ||||
| 50 | MISSISSIPPI | 53.2529 | ||||
| 51 | TEXAS TECH | 52.5330 | ||||
| 52 | KENTUCKY | 52.3002 | ||||
| 53 | TULANE | 51.6677 | ||||
| 54 | SWLOUISIANA | 49.6432 | ||||
| 55 | ARMY |