1994 Reward Ranking (before bowl games)
| Rank | Name | W | L | T | Reward | AP | ESPN/USA Today |
| 1 | Nebraska | 12 | 0 | 0 | 8.1901 | 1 | 1 |
| 2 | PennState | 11 | 0 | 0 | 7.9682 | 2 | 2 |
| 3 | Miami(Florida) | 10 | 1 | 0 | 7.2700 | 3 | 3 |
| 4 | Alabama | 11 | 1 | 0 | 6.9797 | 6 | 6 |
| 5 | Colorado | 10 | 1 | 0 | 6.9213 | 4 | 5 |
| 6 | Florida | 10 | 1 | 1 | 6.8269 | 5 | 4 |
| 7 | Auburn | 9 | 1 | 1 | 6.5972 | 9 | Prob. |
| 8 | FloridaState | 9 | 1 | 1 | 6.4801 | 7 | 7 |
| 9 | TexasA&M | 10 | 0 | 1 | 6.3681 | 8 | Prob. |
| 10 | ColoradoState | 10 | 1 | 0 | 6.1956 | 10 | 10 |
| 11 | Utah | 9 | 2 | 0 | 5.3049 | 14 | 12 |
| 12 | KansasState | 9 | 2 | 0 | 4.8855 | 11 | 8 |
| 13 | OhioState | 9 | 3 | 0 | 4.5280 | 13 | 11 |
| 14 | Virginia | 8 | 3 | 0 | 4.4578 | 18 | 16 |
| 15 | NorthCarolina | 8 | 3 | 0 | 4.3556 | 19 | 14 |
| 16 | NorthCarolinaState | 8 | 3 | 0 | 4.3111 | 23 | 20 |
| 17 | Duke | 8 | 3 | 0 | 4.2826 | 25 | 21 |
| 18 | Oregon | 9 | 3 | 0 | 4.2797 | 12 | 9 |
| 19 | SouthernCalifornia | 7 | 3 | 1 | 4.1752 | 21 | 22 |
| 20 | Arizona | 8 | 3 | 0 | 4.0789 | 15 | 13 |
| 21 | VirginiaTech | 8 | 3 | 0 | 4.0672 | 17 | 15 |
| 22 | MississippiState | 8 | 3 | 0 | 3.9706 | 16 | 17 |
| 23 | BrighamYoung | 9 | 3 | 0 | 3.7673 | 22 | 19 |
| 24 | Washington | 7 | 4 | 0 | 3.6175 | 27 | Prob. |
| 25 | Michigan | 7 | 4 | 0 | 3.5914 | 20 | 18 |
| 26 | Tennessee | 7 | 4 | 0 | 3.3190 | 26 | 24 |
| 27 | WashingtonState | 7 | 4 | 0 | 3.2412 | 24 | 22 |
| 28 | Syracuse | 7 | 4 | 0 | 3.0530 | 30 | 29 |
| 29 | Texas | 7 | 4 | 0 | 2.8878 | NR | 27 |
| 30 | CentralMichigan | 9 | 2 | 0 | 2.8658 | 36 | 40T |
| 31 | BostonCollege | 6 | 4 | 1 | 2.7375 | 28 | 25 |
| 32 | NotreDame | 6 | 4 | 1 | 2.7264 | 29 | 26 |
| 33 | AirForce | 8 | 4 | 0 | 2.7201 | NR | NR |
| 34 | Wisconsin | 6 | 4 | 1 | 2.6971 | 33 | 31 |
| 35 | EastCarolina | 7 | 4 | 0 | 2.6321 | ||
| 36 | TexasChristian | 7 | 4 | 0 | 2.5194 | ||
| 37 | Nevada | 9 | 2 | 0 | 2.4916 | ||
| 38 | Oklahoma | 6 | 5 | 0 | 2.4152 | ||
| 39 | Baylor | 7 | 4 | 0 | 2.3925 | ||
| 40 | BowlingGreenState | 9 | 2 | 0 | 2.3819 | ||
| 41 | Georgia | 6 | 4 | 1 | 2.3496 | ||
| 42 | Illinois | 6 | 5 | 0 | 2.2563 | ||
| 43 | WestVirginia | 7 | 5 | 0 | 1.9125 | ||
| 44 | UCLA | 5 | 6 | 0 | 1.8588 | ||
| 45 | TexasTech | 6 | 5 | 0 | 1.7950 | ||
| 46 | Iowa | 5 | 5 | 1 | 1.7784 | ||
| 47 | MichiganState | 5 | 6 | 0 | 1.7143 | ||
| 48 | SouthernMississippi | 6 | 5 | 0 | 1.7013 | ||
| 49 | Clemson | 5 | 6 | 0 | 1.6844 | ||
| 50 | Kansas |