| Rk | Team | Record | Rating | Conference | |
|---|---|---|---|---|---|
| 1 | Illinois | (8-0-0) | 0.7118 | Big Ten | |
| 2 | Yale | (8-0-0) | 0.6889 | Independent | |
| 3 | Syracuse | (8-1-0) | 0.6437 | Independent | |
| 4 | Michigan | (8-0-0) | 0.6351 | Big Ten | |
| 5 | Cornell | (8-0-0) | 0.5769 | Independent | |
| 6 | West Virginia | (7-1-1) | 0.5686 | Independent | |
| 7 | Texas | (8-0-1) | 0.5631 | Southwest | |
| 8 | Washington & Jefferson | (6-1-1) | 0.5368 | Independent | |
| 9 | Centre | (7-1-1) | 0.5229 | SIAA | |
| 10 | Notre Dame | (9-1-0) | 0.5210 | Independent | |
| 11 | Penn State | (6-2-1) | 0.5056 | Independent | |
| 12 | Virginia Military Institute | (9-1-0) | 0.4931 | Independent | |
| 13 | Southern Methodist | (9-0-0) | 0.4887 | Southwest | |
| 14 | California | (9-0-1) | 0.4847 | Pacific Coast | |
| 15 | Nebraska | (4-2-2) | 0.4789 | Missouri Valley | |
| 16 | Lafayette | (6-1-2) | 0.4664 | Independent | |
| 17 | Vanderbilt | (5-2-1) | 0.4608 | Southern | |
| 18 | Furman | (10-1-0) | 0.4496 | SIAA | |
| 19 | Pittsburgh | (5-4-0) | 0.4461 | Independent | |
| 20 | Chicago | (7-1-0) | 0.4277 | Big Ten | |
| 21 | Army | (6-2-1) | 0.4199 | Independent | |
| 22 | Washington | (10-1-1) | 0.4192 | Pacific Coast | |
| 23 | Kansas | (5-0-3) | 0.4172 | Missouri Valley | |
| 24 | Minnesota | (5-1-1) | 0.4160 | Big Ten | |
| 25 | Florida | (6-1-2) | 0.4138 | Southern | |
| 26 | Alabama | (7-2-1) | 0.4076 | Southern | |
| 27 | Navy | (5-1-3) | 0.4005 | Independent | |
| 28 | Dartmouth | (8-1-0) | 0.3954 | Independent | |
| 29 | Clemson | (5-2-1) | 0.3905 | Southern | |
| 30 | Rutgers | (7-1-1) | 0.3812 | Independent | |
| 31 | Washington & Lee | (6-2-1) | 0.3780 | Southern | |
| 32 | Baylor | (5-1-2) | 0.3725 | Southwest | |
| 33 | Pennsylvania | (5-4-0) | 0.3694 | Independent | |
| 34 | Virginia Tech | (6-3-0) | 0.3669 | Southern | |
| 35 | Georgia Tech | (3-2-4) | 0.3643 | Southern | |
| 36 | Maryland | (7-2-1) | 0.3641 | Southern | |
| 37 | Colgate | (6-2-1) | 0.3565 | Independent | |
| 38 | Southern California | (6-2-0) | 0.3555 | Pacific Coast | |
| 39 | Georgia | (5-3-1) | 0.3518 | Southern | |
| 40 | Stanford | (7-2-0) | 0.3253 | Pacific Coast | |
| 41 | North Carolina | (5-3-1) | 0.3193 | Southern | |
| 42 | Iowa | (5-3-0) | 0.3134 | Big Ten | |
| 43 | Mississippi State | (5-2-2) | 0.3092 | Southern | |
| 44 | Lehigh | (6-2-1) | 0.2947 | Independent | |
| 45 | Idaho | (5-2-1) | 0.2844 | Pacific Coast | |
| 46 | Wisconsin | (3-3-1) | 0.2785 | Big Ten | |
| 47 | Texas A&M | (5-3-1) | 0.2642 | Southwest | |
| 48 | Carnegie Tech | (4-3-1) | 0.2503 | Independent | |
| 49 | Tulane | (6-3-1) | 0.2444 | Southern | |
| 50 | Brown | (6-4-0) | 0.2431 | Independent | |
| 51 | Kansas State | (4-2-2) | 0.2411 | Missouri Valley | |
| 52 | Arkansas | (6-2-1) | 0.2322 | Southwest | |
| 53 | Auburn | (3-3-3) | 0.2235 | Southern | |
| 54 | Drake | (5-2-0) | 0.2204 | Missouri Valley | |
| 55 | William & Mary | (7-3-0) | 0.2126 | Independent | |
| 56 | Wake Forest | (6-3-0) | 0.2124 | Independent | |
| 57 | Tennessee | (5-4-1) | 0.2042 | Southern | |
| 58 | Mississippi College | (5-1-2) | 0.2040 | SIAA | |
| 59 | Iowa State | (4-3-1) | 0.1911 | Missouri Valley | |
| 60 | Kentucky | (4-3-2) | 0.1809 | Southern | |
| 61 | Sewanee | (5-4-1) | 0.1719 | SIAA | |
| 62 | Presbyterian | (4-3-1) | 0.1638 | SIAA | |
| 63 | Princeton | (3-3-1) | 0.1597 | Independent | |
| 64 | Virginia | (3-5-1) | 0.1464 | Southern | |
| 65 | Oklahoma | (3-5-0) | 0.1449 | Missouri Valley | |
| 66 | Ohio State | (3-4-1) | 0.1443 | Big Ten | |
| 67 | Citadel | (5-3-1) | 0.1383 | SIAA | |
| 68 | Harvard | (4-3-1) | 0.1224 | Independent | |
| 69 | Missouri | (2-3-3) | 0.1075 | Missouri Valley | |
| 70 | South Carolina | (4-6-0) | 0.0992 | Independent | |
| 71 | Gonzaga | (4-3-0) | 0.0457 | Independent | |
| 72 | Oregon | (3-4-1) | 0.0390 | Pacific Coast | |
| 73 | Oregon State | (4-5-2) | 0.0288 | Pacific Coast | |
| 74 | Duke | (5-4-0) | 0.0228 | Independent | |
| 75 | North Carolina State | (3-7-0) | 0.0124 | Southern | |
| 76 | Columbia | (4-4-1) | 0.0073 | Independent | |
| 77 | Davidson | (3-7-0) | 0.0064 | Independent | |
| 78 | Washington State | (2-4-1) | 0.0057 | Pacific Coast | |
| 79 | Wofford | (6-3-0) | -0.0007 | SIAA | |
| 80 | Oglethorpe | (5-6-0) | -0.0073 | SIAA | |
| 81 | Samford | (3-4-3) | -0.0093 | SIAA | |
| 82 | Northwestern | (2-6-0) | -0.0250 | Big Ten | |
| 83 | Montana | (4-4-0) | -0.0485 | Independent | |
| 84 | Louisiana State | (3-5-1) | -0.0549 | Southern | |
| 85 | Mercer | (3-6-0) | -0.0608 | SIAA | |
| 86 | Purdue | (2-5-1) | -0.0782 | Big Ten | |
| 87 | Richmond | (3-5-0) | -0.0792 | Independent | |
| 88 | Mississippi | (4-6-0) | -0.0916 | Southern | |
| 89 | Washington (Missouri) | (3-5-0) | -0.1769 | Missouri Valley | |
| 90 | Indiana | (3-4-0) | -0.1974 | Big Ten | |
| 91 | Rice | (3-5-0) | -0.1997 | Southwest | |
| 92 | Oklahoma State | (2-8-0) | -0.2221 | Southwest | |
| 93 | Tennessee-Chattanooga | (3-4-2) | -0.2570 | SIAA | |
| 94 | Boston University | (1-6-0) | -0.2694 | Independent | |
| 95 | Newberry | (2-8-0) | -0.2908 | SIAA | |
| 96 | Texas Christian | (4-5-0) | -0.3009 | Southwest | |
| 97 | Northern Colorado | (2-3-1) | -0.3553 | Independent | |
| 98 | Erskine | (1-5-0) | -0.4371 | Independent | |
| 99 | Grinnell | (2-6-0) | -0.4472 | Missouri Valley | |
| 100 | Birmingham-Southern | (0-5-1) | -0.4876 | Independent | |
| 101 | Whitman | (1-5-0) | -0.5238 | Independent | |
| 102 | Fort Benning | (0-5-0) | -0.5520 | Independent |
Average Ratings by Conference (1923)
| Rk | Conference | Rating | |
|---|---|---|---|
| 1 | Southern | 0.2627 | |
| 2 | Big Ten | 0.2626 | |
| 3 | Pacific Coast | 0.2428 | |
| 4 | Independent | 0.1859 | |
| 5 | Southwest | 0.1497 | |
| 6 | Missouri Valley | 0.1308 | |
| 7 | SIAA | 0.0854 |