2004 Reward Ranking (before bowl games)
| Rank | Name | W | L | Reward | AP | ESPN/USA Today |
| 1 | SouthernCalifornia | 12 | 0 | 8.4302 | 1 | 1 |
| 2 | Oklahoma | 12 | 0 | 8.3646 | 2 | 2 |
| 3 | Auburn | 12 | 0 | 7.5645 | 3 | 3 |
| 4 | Utah | 11 | 0 | 7.1586 | 5 | 5 |
| 5 | California | 10 | 1 | 6.7626 | 4 | 4 |
| 6 | Texas | 10 | 1 | 6.7438 | 6 | 6 |
| 7 | BoiseState | 11 | 0 | 6.6245 | 10 | 10 |
| 8 | VirginiaTech | 10 | 2 | 5.3311 | 9 | 9 |
| 9 | Louisville | 10 | 1 | 5.1137 | 7 | 8 |
| 10 | Georgia | 9 | 2 | 5.1008 | 8 | 7 |
| 11 | Iowa | 9 | 2 | 4.9275 | 11 | 13 |
| 12 | LouisianaState | 9 | 2 | 4.8345 | 12 | 11 |
| 13 | Michigan | 9 | 2 | 4.8224 | 13 | 12 |
| 14 | ArizonaState | 8 | 3 | 4.5257 | 21 | 24 |
| 15 | Wisconsin | 9 | 2 | 4.2019 | 16 | 16 |
| 16 | Tennessee | 9 | 3 | 4.1533 | 15 | 17 |
| 17 | Miami(Florida) | 8 | 3 | 4.0920 | 14 | 14 |
| 18 | Virginia | 8 | 3 | 3.6022 | 18 | 18 |
| 19 | FloridaState | 8 | 3 | 3.5996 | 17 | 15 |
| 20 | TexasA&M | 7 | 4 | 3.5004 | 22 | 25 |
| 21 | OklahomaState | 7 | 4 | 3.2529 | 32 | 28 |
| 22 | TexasTech | 7 | 4 | 3.1025 | 23 | 21 |
| 23 | Texas-ElPaso | 8 | 3 | 2.8674 | 33 | 34 |
| 24 | Pittsburgh | 8 | 3 | 2.7078 | 19 | 20 |
| 25 | BostonCollege | 8 | 3 | 2.6430 | 25 | 26 |
| 26 | NewMexico | 7 | 4 | 2.4944 | 36T | NR |
| 27 | OhioState | 7 | 4 | 2.4891 | 24 | 22 |
| 28 | WestVirginia | 8 | 3 | 2.4748 | 26 | 23 |
| 29 | Navy | 9 | 2 | 2.4528 | 29 | 30T |
| 30 | Purdue | 7 | 4 | 2.4507 | 28 | 30T |
| 31 | Florida | 7 | 4 | 2.3689 | 20 | 19 |
| 32 | OregonState | 6 | 5 | 2.3488 | ||
| 33 | FresnoState | 8 | 3 | 2.2287 | ||
| 34 | Memphis | 8 | 3 | 2.1920 | ||
| 35 | NorthCarolina | 6 | 5 | 2.1490 | ||
| 36 | NotreDame | 6 | 5 | 1.8858 | ||
| 37 | Colorado | 7 | 5 | 1.7323 | ||
| 38 | UCLA | 6 | 5 | 1.6819 | ||
| 39 | Toledo | 9 | 3 | 1.6339 | ||
| 40 | Clemson | 6 | 5 | 1.4553 | ||
| 41 | GeorgiaTech | 6 | 5 | 1.4497 | ||
| 42 | WashingtonState | 5 | 6 | 1.3197 | ||
| 43 | NorthernIllinois | 8 | 3 | 1.2808 | ||
| 44 | Alabama-Birmingham | 7 | 4 | 1.2803 | ||
| 45 | NorthCarolinaState | 5 | 6 | 1.2654 | ||
| 46 | BrighamYoung | 5 | 6 | 1.1314 | ||
| 47 | BowlingGreenState | 8 | 3 | 1.1303 | ||
| 48 | Connecticut | 7 | 4 | 1.0800 | ||
| 49 | IowaState | 6 | 5 | 1.0619 | ||
| 50 | Oregon | 5 | 6 | 1.0476 | ||
| 51 | Arkansas | 5 | 6 | 0.9988 | ||
| 52 | Maryland | 5 | 6 | 0.9333 | ||
| 53 | Northwestern | 6 | 6 | 0.9332 | ||
| 54 | LouisianaTech | 6 | 6 | 0.8557 | ||
| 55 | Alabama | 6 | 5 | 0.8494 | ||
| 56 | SouthCarolina | 6 | 5 | 0.8096 | ||
| 57 | Syracuse |