| Rk | Team | Record | Rating | Conference | |
|---|---|---|---|---|---|
| 1 | Southern California | (9-2-0) | 0.8100 | Pacific Coast | |
| 2 | Notre Dame | (8-1-0) | 0.7934 | Independent | |
| 3 | Tennessee | (11-0-0) | 0.7902 | Southeastern | |
| 4 | California | (10-1-0) | 0.6999 | Pacific Coast | |
| 5 | Texas Christian | (11-0-0) | 0.6839 | Southwest | |
| 6 | Duke | (9-1-0) | 0.6756 | Southern | |
| 7 | Minnesota | (6-2-0) | 0.6564 | Big Ten | |
| 8 | Alabama | (7-1-1) | 0.6213 | Southeastern | |
| 9 | Pittsburgh | (8-2-0) | 0.6096 | Independent | |
| 10 | Fordham | (6-1-2) | 0.5980 | Independent | |
| 11 | Oklahoma | (10-1-0) | 0.5930 | Big Six | |
| 12 | Santa Clara | (6-2-0) | 0.5704 | Independent | |
| 13 | St. Mary's | (6-2-0) | 0.5591 | Independent | |
| 14 | Michigan | (6-1-1) | 0.5500 | Big Ten | |
| 15 | Holy Cross | (8-1-0) | 0.5454 | Independent | |
| 16 | Carnegie Tech | (7-2-0) | 0.5326 | Independent | |
| 17 | Purdue | (5-1-2) | 0.5244 | Big Ten | |
| 18 | Clemson | (7-1-1) | 0.5210 | Southern | |
| 19 | Villanova | (8-0-1) | 0.5128 | Independent | |
| 20 | Iowa State | (7-1-1) | 0.5092 | Big Six | |
| 21 | Northwestern | (4-2-2) | 0.5080 | Big Ten | |
| 22 | Cornell | (5-1-1) | 0.4874 | Independent | |
| 23 | Tulane | (7-2-1) | 0.4838 | Southeastern | |
| 24 | Texas Tech | (10-1-0) | 0.4792 | Independent | |
| 25 | Georgetown | (8-0-0) | 0.4790 | Independent | |
| 26 | Oregon State | (5-3-1) | 0.4646 | Pacific Coast | |
| 27 | North Carolina | (6-2-1) | 0.4432 | Southern | |
| 28 | Wisconsin | (5-3-0) | 0.4372 | Big Ten | |
| 29 | Mississippi | (9-2-0) | 0.4116 | Southeastern | |
| 30 | UCLA | (7-4-1) | 0.4030 | Pacific Coast | |
| 31 | Missouri | (6-3-0) | 0.3946 | Big Six | |
| 32 | Vanderbilt | (6-3-0) | 0.3942 | Southeastern | |
| 33 | Army | (8-2-0) | 0.3678 | Independent | |
| 34 | Dartmouth | (7-2-0) | 0.3633 | Independent | |
| 35 | Michigan State | (6-3-0) | 0.3594 | Independent | |
| 36 | Washington | (3-5-1) | 0.3490 | Pacific Coast | |
| 37 | Oregon | (4-5-0) | 0.3434 | Pacific Coast | |
| 38 | Idaho | (6-3-1) | 0.3359 | Pacific Coast | |
| 39 | Baylor | (7-2-1) | 0.3309 | Southwest | |
| 40 | Utah | (7-1-2) | 0.3215 | Mountain States | |
| 41 | Detroit Mercy | (6-4-0) | 0.3169 | Independent | |
| 42 | Ohio State | (4-3-1) | 0.3111 | Big Ten | |
| 43 | Boston College | (6-1-2) | 0.3043 | Independent | |
| 44 | New Mexico State | (7-2-0) | 0.3023 | Border | |
| 45 | Miami (Florida) | (8-2-0) | 0.2910 | Independent | |
| 46 | New Mexico | (8-3-0) | 0.2881 | Border | |
| 47 | Stanford | (3-6-0) | 0.2847 | Pacific Coast | |
| 48 | Georgia Tech | (3-4-3) | 0.2804 | Southeastern | |
| 49 | Virginia Military Institute | (6-1-4) | 0.2714 | Southern | |
| 50 | Southern Methodist | (6-4-0) | 0.2702 | Southwest | |
| 51 | San Francisco | (5-2-1) | 0.2660 | Independent | |
| 52 | Syracuse | (5-3-0) | 0.2531 | Independent | |
| 53 | Navy | (4-3-2) | 0.2500 | Independent | |
| 54 | Louisiana State | (6-4-0) | 0.2443 | Southeastern | |
| 55 | Texas-El Paso | (6-3-0) | 0.2369 | Border | |
| 56 | Georgia | (5-4-1) | 0.2367 | Southeastern | |
| 57 | Texas A&M | (4-4-1) | 0.2355 | Southwest | |
| 58 | Creighton | (6-1-1) | 0.2353 | Missouri Valley | |
| 59 | Auburn | (4-5-1) | 0.2331 | Southeastern | |
| 60 | South Carolina | (6-4-1) | 0.2319 | Southern | |
| 61 | Pennsylvania | (3-2-3) | 0.2237 | Independent | |
| 62 | Brown | (5-3-0) | 0.2234 | Independent | |
| 63 | Nebraska | (3-5-1) | 0.2177 | Big Six | |
| 64 | Drake | (5-4-1) | 0.2092 | Missouri Valley | |
| 65 | Kansas State | (4-4-1) | 0.1996 | Big Six | |
| 66 | Manhattan | (5-4-0) | 0.1913 | Independent | |
| 67 | Centenary | (7-4-0) | 0.1816 | Independent | |
| 68 | Rice | (4-6-0) | 0.1749 | Southwest | |
| 69 | Montana | (5-3-1) | 0.1672 | Pacific Coast | |
| 70 | Harvard | (4-4-0) | 0.1635 | Independent | |
| 71 | Wake Forest | (4-5-1) | 0.1583 | Southern | |
| 72 | Bucknell | (5-3-0) | 0.1542 | Independent | |
| 73 | Temple | (3-6-1) | 0.1528 | Independent | |
| 74 | Washington (Missouri) | (6-3-1) | 0.1342 | Missouri Valley | |
| 75 | Richmond | (6-3-1) | 0.1283 | Southern | |
| 76 | Kansas | (3-6-0) | 0.1240 | Big Six | |
| 77 | Colgate | (2-5-0) | 0.1158 | Independent | |
| 78 | Duquesne | (4-6-0) | 0.1102 | Independent | |
| 79 | New York University | (4-4-0) | 0.1082 | Independent | |
| 80 | George Washington | (5-4-0) | 0.1063 | Independent | |
| 81 | Brigham Young | (4-3-1) | 0.0952 | Mountain States | |
| 82 | North Carolina State | (3-7-1) | 0.0916 | Southern | |
| 83 | Washington State | (2-8-0) | 0.0872 | Pacific Coast | |
| 84 | Columbia | (3-6-0) | 0.0851 | Independent | |
| 85 | Virginia Tech | (3-5-2) | 0.0798 | Southern | |
| 86 | West Virginia | (4-5-1) | 0.0721 | Independent | |
| 87 | Citadel | (6-5-0) | 0.0666 | Southern | |
| 88 | Denver | (4-4-1) | 0.0623 | Mountain States | |
| 89 | Penn State | (3-4-1) | 0.0574 | Independent | |
| 90 | Tulsa | (4-5-1) | 0.0512 | Missouri Valley | |
| 91 | Arkansas | (2-7-1) | 0.0511 | Southwest | |
| 92 | Princeton | (3-4-1) | 0.0471 | Independent | |
| 93 | Illinois | (3-5-0) | 0.0363 | Big Ten | |
| 94 | Arizona | (3-6-0) | 0.0244 | Border | |
| 95 | Virginia | (4-4-1) | 0.0139 | Independent | |
| 96 | Colorado | (3-4-1) | 0.0069 | Mountain States | |
| 97 | Washington & Lee | (4-4-1) | 0.0024 | Southern | |
| 98 | Marquette | (1-7-0) | -0.0033 | Independent | |
| 99 | Utah State | (4-4-0) | -0.0106 | Mountain States | |
| 100 | Indiana | (1-6-1) | -0.0108 | Big Ten | |
| 101 | Mississippi State | (4-6-0) | -0.0296 | Southeastern | |
| 102 | Florida | (4-6-1) | -0.0379 | Southeastern | |
| 103 | Washburn | (6-3-0) | -0.0616 | Missouri Valley | |
| 104 | Davidson | (4-6-0) | -0.0650 | Southern | |
| 105 | Loyola Marymount | (4-5-0) | -0.0686 | Independent | |
| 106 | Yale | (2-6-0) | -0.0848 | Independent | |
| 107 | Kentucky | (2-7-0) | -0.1031 | Southeastern | |
| 108 | Iowa | (1-6-1) | -0.1056 | Big Ten | |
| 109 | Gonzaga | (1-7-0) | -0.1196 | Independent | |
| 110 | Texas | (1-8-0) | -0.1283 | Southwest | |
| 111 | St. Louis | (3-5-2) | -0.1291 | Missouri Valley | |
| 112 | Arizona State | (3-6-0) | -0.1404 | Border | |
| 113 | Wyoming | (2-5-1) | -0.1442 | Mountain States | |
| 114 | Furman | (2-7-1) | -0.1617 | Southern | |
| 115 | Sewanee | (1-8-0) | -0.2195 | Southeastern | |
| 116 | Colorado State | (1-5-2) | -0.2432 | Mountain States | |
| 117 | Maryland | (2-7-0) | -0.2845 | Southern | |
| 118 | William & Mary | (3-7-0) | -0.2915 | Southern | |
| 119 | Northern Arizona | (2-6-1) | -0.3028 | Border | |
| 120 | Oklahoma State | (2-8-0) | -0.3304 | Missouri Valley | |
| 121 | Hampden-Sydney | (2-6-0) | -0.3355 | Independent | |
| 122 | Chicago | (1-6-1) | -0.5056 | Big Ten |
Average Ratings by Conference (1938)
| Rk | Conference | Rating | |
|---|---|---|---|
| 1 | Pacific Coast | 0.3945 | |
| 2 | Big Six | 0.3397 | |
| 3 | Southeastern | 0.2543 | |
| 4 | Independent | 0.2520 | |
| 5 | Big Ten | 0.2401 | |
| 6 | Southwest | 0.2312 | |
| 7 | Southern | 0.1245 | |
| 8 | Border | 0.0681 | |
| 9 | Missouri Valley | 0.0155 | |
| 10 | Mountain States | 0.0126 |