Final OAF ranking (& ratings) for the 1994 college football season:
| Rank | Team Name | Rating | Record | AP | ESPN/USA Today | Bowl Game Results |
| 1 | PENN STATE | 132.4356 | 12-0 | 2 | 2 | Beat Oregon 38-20 |
| 2 | NEBRASKA | 90.7548 | 13-0 | 1 | 1 | Beat Miami (F) 24-17 |
| 3 | COLORADO | 83.8407 | 11-1 | 3 | 3 | Beat Notre Dame 41-24 |
| 4 | ALABAMA | 70.8093 | 12-1 | 5 | 4 | Beat Ohio State 24-17 |
| 5 | FLORIDA STATE | 69.6061 | 11-1 | 4 | 5 | Beat Florida 23-17 |
| 6 | FLORIDA | 68.7743 | 10-2-1 | 7 | 7 | Lost to Florida State |
| 7 | MICHIGAN | 68.7257 | 8-4 | 12 | 12 | Beat Colorado State 24-14 |
| 8 | OHIO STATE | 68.4140 | 9-4 | 14 | 9 | Lost to Alabama |
| 9 | MIAMI (F) | 68.3333 | 10-2 | 6 | 6 | Lost to Nebraska |
| 10 | OREGON | 65.6388 | 9-4 | 11 | 11 | Lost to Penn State |
| 11 | WISCONSIN | 61.4584 | 7-4-1 | 28 | 26 | Beat Duke 34-20 |
| 12 | ILLINOIS | 61.2014 | 7-5 | NR | NR | Beat East Carolina 30-0 |
| 13 | AUBURN | 60.7074 | 9-1-1 | 9 | Probation | No Bowl Game |
| 14 | TENNESSEE | 60.5160 | 8-4 | 22 | 18 | Beat Virginia Tech 45-23 |
| 15 | USC | 57.1886 | 8-3-1 | 13 | 15 | Beat Texas Tech 55-14 |
| 16 | IOWA | 56.3096 | ||||
| 17 | MICHIGAN STATE | 56.1977 | ||||
| 18 | NOTRE DAME | 55.5430 | ||||
| 19 | WASHINGTON STATE | 55.3330 | ||||
| 20 | GEORGIA | 55.1236 | ||||
| 21 | COLORADO STATE | 54.9208 | ||||
| 22 | ARIZONA | 54.8029 | ||||
| 23 | WASHINGTON | 54.3359 | ||||
| 24 | UCLA | 53.4757 | ||||
| 25 | UTAH | 53.3639 | ||||
| 26 | BOSTON COLLEGE | 51.5909 | ||||
| 27 | BYU | 51.4485 | ||||
| 28 | KANSAS STATE | 51.1983 | ||||
| 29 | INDIANA | 50.8417 | ||||
| 30 | AIR FORCE | 50.7510 | ||||
| 31 | TEXAS A+M | 50.7507 | ||||
| 32 | PURDUE | 50.7044 | ||||
| 33 | MINNESOTA | 49.8744 | ||||
| 34 | NORTHWESTERN | 49.2171 | ||||
| 35 | NORTH CAROLINA STATE | 49.0320 | ||||
| 36 | MISSISSIPPI STATE | 48.2843 | ||||
| 37 | VIRGINIA TECH | 47.5948 | ||||
| 38 | SOUTH CAROLINA | 47.2774 | ||||
| 39 | VIRGINIA | 47.1920 | ||||
| 40 | OREGON STATE | 46.9279 | ||||
| 41 | CALIFORNIA | 46.7729 | ||||
| 42 | EAST CAROLINA | 46.7500 | ||||
| 43 | STANFORD | 46.0252 | ||||
| 44 | WEST VIRGINIA | 45.4569 | ||||
| 45 | ARIZONA STATE | 44.9742 | ||||
| 46 | SYRACUSE | 44.9480 | ||||
| 47 | DUKE | 43.4031 | ||||
| 48 | OKLAHOMA | 43.3513 | ||||
| 49 | TEXAS | 42.7214 | ||||
| 50 | KANSAS | 42.7081 | ||||
| 51 | RUTGERS | 42.6607 | ||||
| 52 | CLEMSON | 42.4722 | ||||
| 53 | LSU | 42.4151 | ||||
| 54 | SOUTHERN MISSISSIPPI | 42.2041 | ||||
| 55 | NORTH CAROLINA |