Final OAF ranking (& ratings) for the 1992 college football season:
| Rank | Team Name | Rating | Record | AP | ESPN/USA Today | Bowl Game Results |
| 1 | ALABAMA | 124.1083 | 13-0 | 1 | 1 | Beat Miami (F) 34-13 |
| 2 | FLORIDA STATE | 104.5553 | 11-1 | 2 | 2 | Beat Nebraska 27-14 |
| 3 | MIAMI (F) | 96.3256 | 11-1 | 3 | 3 | Lost to Alabama |
| 4 | NOTRE DAME | 74.9088 | 10-1-1 | 4 | 4 | Beat Texas A+M 28-3 |
| 5 | STANFORD | 72.5504 | 10-3 | 9 | 9 | Beat Penn State 24-3 |
| 6 | FLORIDA | 70.7371 | 9-4 | 10 | 10 | Beat North Carolina State 27-10 |
| 7 | GEORGIA | 67.5843 | 10-2 | 8 | 8 | Beat Ohio State 21-14 |
| 8 | TEXAS A+M | 66.5019 | 12-1 | 7 | 6 | Lost to Notre Dame |
| 9 | NEBRASKA | 66.1983 | 9-3 | 14 | 14 | Lost to Florida State |
| 10 | NORTH CAROLINA STATE | 66.0541 | 9-3-1 | 17 | 15 | Lost to Florida |
| 11 | WAKE FOREST | 65.3967 | 8-4 | 25 | 25 | Beat Oregon 39-35 |
| 12 | NORTH CAROLINA | 62.4515 | 9-3 | 19 | 18 | Beat Mississippi State 21-17 |
| 13 | SYRACUSE | 61.3424 | 10-2 | 6 | 7 | Beat Colorado 26-22 |
| 14 | MISSISSIPPI | 61.2319 | 9-3 | 16 | 16 | Beat Air Force 13-0 |
| 15 | MICHIGAN | 60.8643 | 9-0-3 | 5 | 5 | Beat Washington 38-31 |
| 16 | WASHINGTON | 60.3929 | 9-3 | 11 | 11 | Lost to Michigan |
| 17 | WASHINGTON STATE | 59.7363 | 9-3 | 15 | 17 | Beat Utah 31-28 |
| 18 | TENNESSEE | 58.8319 | 9-3 | 12 | 12 | Beat Boston College 38-23 |
| 19 | ARIZONA STATE | 58.7316 | ||||
| 20 | VIRGINIA | 57.4660 | ||||
| 21 | UCLA | 57.4064 | ||||
| 22 | OHIO STATE | 57.0216 | ||||
| 23 | SOUTH CAROLINA | 54.8077 | ||||
| 24 | COLORADO | 54.6614 | ||||
| 25 | USC | 54.2223 | ||||
| 26 | ARIZONA | 53.9746 | ||||
| 27 | CLEMSON | 53.8027 | ||||
| 28 | OREGON | 53.5553 | ||||
| 29 | FRESNO STATE | 52.0131 | ||||
| 30 | GEORGIA TECH | 51.8561 | ||||
| 31 | CALIFORNIA | 51.6995 | ||||
| 32 | MISSISSIPPI STATE | 51.0297 | ||||
| 33 | AUBURN | 50.9354 | ||||
| 34 | BOSTON COLLEGE | 50.0853 | ||||
| 35 | VANDERBILT | 50.0761 | ||||
| 36 | KANSAS | 49.0701 | ||||
| 37 | PENN STATE | 49.0318 | ||||
| 38 | MARYLAND | 49.0228 | ||||
| 39 | BYU | 48.4451 | ||||
| 40 | HAWAII | 47.9110 | ||||
| 41 | ARKANSAS | 47.7879 | ||||
| 42 | BAYLOR | 47.3894 | ||||
| 43 | MEMPHIS STATE | 46.4725 | ||||
| 44 | WEST VIRGINIA | 46.4347 | ||||
| 45 | ILLINOIS | 45.4795 | ||||
| 46 | BGU | 44.8472 | ||||
| 47 | SOUTHERN MISSISSIPPI | 44.3471 | ||||
| 48 | SAN DIEGO STATE | 43.8369 | ||||
| 49 | DUKE | 43.6092 | ||||
| 50 | MICHIGAN STATE | 42.8062 | ||||
| 51 | RUTGERS | 42.5688 | ||||
| 52 | OKLAHOMA | 42.3080 | ||||
| 53 | IOWA | 41.7680 | ||||
| 54 | LOUISIANA TECH | 41.5846 | ||||
| 55 | PURDUE |