| Rk | Team | Record | Rating | Conference | |
|---|---|---|---|---|---|
| 1 | Cornell | (8-0-0) | 0.8769 | Independent | |
| 2 | Texas A&M | (11-0-0) | 0.8062 | Southwest | |
| 3 | Tulane | (8-1-1) | 0.7584 | Southeastern | |
| 4 | Southern California | (8-0-2) | 0.7330 | Pacific Coast | |
| 5 | Duke | (8-1-0) | 0.6964 | Southern | |
| 6 | Notre Dame | (7-2-0) | 0.6696 | Independent | |
| 7 | Nebraska | (7-1-1) | 0.6545 | Big Six | |
| 8 | Georgia Tech | (8-2-0) | 0.6496 | Southeastern | |
| 9 | Iowa | (6-1-1) | 0.6406 | Big Ten | |
| 10 | Ohio State | (6-2-0) | 0.6313 | Big Ten | |
| 11 | Missouri | (8-2-0) | 0.6220 | Big Six | |
| 12 | Clemson | (9-1-0) | 0.5826 | Southern | |
| 13 | Tennessee | (10-1-0) | 0.5640 | Southeastern | |
| 14 | North Carolina | (8-1-1) | 0.5635 | Southern | |
| 15 | Duquesne | (8-0-1) | 0.5579 | Independent | |
| 16 | Fordham | (6-2-0) | 0.5534 | Independent | |
| 17 | Michigan | (6-2-0) | 0.5511 | Big Ten | |
| 18 | Oklahoma | (6-2-1) | 0.5457 | Big Six | |
| 19 | Princeton | (7-1-0) | 0.5283 | Independent | |
| 20 | Georgetown | (7-0-1) | 0.5208 | Independent | |
| 21 | UCLA | (6-0-4) | 0.5132 | Pacific Coast | |
| 22 | Mississippi State | (8-2-0) | 0.4736 | Southeastern | |
| 23 | Santa Clara | (5-1-3) | 0.4655 | Independent | |
| 24 | Oregon State | (9-1-1) | 0.4584 | Pacific Coast | |
| 25 | Boston College | (9-2-0) | 0.4579 | Independent | |
| 26 | Villanova | (6-2-0) | 0.4549 | Independent | |
| 27 | Alabama | (5-3-1) | 0.4479 | Southeastern | |
| 28 | Purdue | (3-3-2) | 0.4429 | Big Ten | |
| 29 | Penn State | (5-1-2) | 0.4346 | Independent | |
| 30 | Southern Methodist | (6-3-1) | 0.4266 | Southwest | |
| 31 | Auburn | (5-5-1) | 0.4026 | Southeastern | |
| 32 | Pittsburgh | (5-4-0) | 0.3997 | Independent | |
| 33 | Minnesota | (3-4-1) | 0.3968 | Big Ten | |
| 34 | Kentucky | (6-2-1) | 0.3939 | Southeastern | |
| 35 | Mississippi | (7-2-0) | 0.3803 | Southeastern | |
| 36 | Baylor | (7-3-0) | 0.3725 | Southwest | |
| 37 | Holy Cross | (7-2-0) | 0.3703 | Independent | |
| 38 | Northwestern | (3-4-1) | 0.3629 | Big Ten | |
| 39 | Utah | (6-1-2) | 0.3614 | Mountain States | |
| 40 | Indiana | (2-4-2) | 0.3061 | Big Ten | |
| 41 | New York University | (5-4-0) | 0.2967 | Independent | |
| 42 | Texas | (5-4-0) | 0.2942 | Southwest | |
| 43 | Wake Forest | (7-3-0) | 0.2869 | Southern | |
| 44 | Hardin-Simmons | (7-1-1) | 0.2868 | Independent | |
| 45 | Richmond | (7-1-2) | 0.2828 | Southern | |
| 46 | Syracuse | (3-3-2) | 0.2792 | Independent | |
| 47 | Detroit Mercy | (5-3-1) | 0.2726 | Independent | |
| 48 | New Mexico | (8-2-0) | 0.2698 | Border | |
| 49 | Michigan State | (4-4-1) | 0.2674 | Independent | |
| 50 | Virginia Military Institute | (6-3-1) | 0.2640 | Southern | |
| 51 | Marquette | (4-4-0) | 0.2617 | Independent | |
| 52 | Pennsylvania | (4-4-0) | 0.2612 | Independent | |
| 53 | Colorado | (5-3-0) | 0.2526 | Mountain States | |
| 54 | Oregon | (3-4-1) | 0.2494 | Pacific Coast | |
| 55 | Columbia | (2-4-2) | 0.2341 | Independent | |
| 56 | Louisiana State | (4-5-0) | 0.2338 | Southeastern | |
| 57 | George Washington | (5-3-0) | 0.2276 | Independent | |
| 58 | Denver | (5-3-1) | 0.2259 | Mountain States | |
| 59 | Gonzaga | (6-2-0) | 0.2257 | Independent | |
| 60 | Kansas State | (4-5-0) | 0.2253 | Big Six | |
| 61 | Dartmouth | (5-3-1) | 0.2215 | Independent | |
| 62 | Navy | (3-5-1) | 0.2206 | Independent | |
| 63 | Arkansas | (4-5-1) | 0.2205 | Southwest | |
| 64 | Illinois | (3-4-1) | 0.2157 | Big Ten | |
| 65 | Manhattan | (4-4-0) | 0.2109 | Independent | |
| 66 | Washington | (4-5-0) | 0.2088 | Pacific Coast | |
| 67 | Washington (Missouri) | (6-3-1) | 0.2025 | Missouri Valley | |
| 68 | Florida | (5-5-1) | 0.2023 | Southeastern | |
| 69 | William & Mary | (6-2-1) | 0.1968 | Southern | |
| 70 | Arizona State | (8-2-1) | 0.1939 | Border | |
| 71 | Brigham Young | (5-2-2) | 0.1824 | Mountain States | |
| 72 | Virginia | (5-4-0) | 0.1795 | Independent | |
| 73 | Arizona | (6-4-0) | 0.1601 | Border | |
| 74 | Washington State | (4-5-0) | 0.1570 | Pacific Coast | |
| 75 | Oklahoma State | (5-4-1) | 0.1498 | Missouri Valley | |
| 76 | Carnegie Tech | (3-5-0) | 0.1448 | Independent | |
| 77 | Yale | (3-4-1) | 0.1443 | Independent | |
| 78 | Colgate | (2-5-1) | 0.1424 | Independent | |
| 79 | Brown | (5-3-1) | 0.1364 | Independent | |
| 80 | Georgia | (5-6-0) | 0.1351 | Southeastern | |
| 81 | Army | (3-4-2) | 0.1124 | Independent | |
| 82 | Washington & Lee | (3-4-1) | 0.1033 | Southern | |
| 83 | Furman | (5-4-0) | 0.0974 | Southern | |
| 84 | Texas-El Paso | (5-4-0) | 0.0902 | Border | |
| 85 | St. Mary's | (3-4-1) | 0.0889 | Independent | |
| 86 | Texas Christian | (3-7-0) | 0.0850 | Southwest | |
| 87 | Wisconsin | (1-6-1) | 0.0800 | Big Ten | |
| 88 | Texas Tech | (5-5-1) | 0.0759 | Independent | |
| 89 | St. Louis | (5-3-2) | 0.0490 | Missouri Valley | |
| 90 | Virginia Tech | (4-5-1) | 0.0481 | Southern | |
| 91 | Temple | (2-7-0) | 0.0461 | Independent | |
| 92 | Vanderbilt | (2-7-1) | 0.0335 | Southeastern | |
| 93 | Harvard | (4-4-0) | 0.0331 | Independent | |
| 94 | San Francisco | (4-3-3) | 0.0208 | Independent | |
| 95 | California | (3-7-0) | -0.0054 | Pacific Coast | |
| 96 | Bucknell | (3-5-0) | -0.0057 | Independent | |
| 97 | Utah State | (3-4-1) | -0.0083 | Mountain States | |
| 98 | Sewanee | (3-5-0) | -0.0203 | Southeastern | |
| 99 | Rhodes | (3-5-1) | -0.0232 | Independent | |
| 100 | Kansas | (2-6-0) | -0.0296 | Big Six | |
| 101 | Iowa State | (2-7-0) | -0.0412 | Big Six | |
| 102 | Tulsa | (4-5-1) | -0.0422 | Missouri Valley | |
| 103 | Stanford | (1-7-1) | -0.0516 | Pacific Coast | |
| 104 | North Carolina State | (2-8-0) | -0.0560 | Southern | |
| 105 | Washburn | (6-4-0) | -0.0575 | Missouri Valley | |
| 106 | West Virginia | (2-6-1) | -0.0765 | Independent | |
| 107 | Miami (Florida) | (5-5-0) | -0.0825 | Independent | |
| 108 | Montana | (3-6-0) | -0.0881 | Pacific Coast | |
| 109 | Drake | (5-5-0) | -0.0894 | Missouri Valley | |
| 110 | Creighton | (4-5-0) | -0.0896 | Missouri Valley | |
| 111 | Rice | (1-9-1) | -0.0910 | Southwest | |
| 112 | Colorado State | (2-7-0) | -0.1178 | Mountain States | |
| 113 | Maryland | (2-7-0) | -0.1318 | Southern | |
| 114 | Citadel | (3-8-0) | -0.1338 | Southern | |
| 115 | South Carolina | (3-6-1) | -0.1439 | Southern | |
| 116 | Davidson | (2-7-0) | -0.1509 | Southern | |
| 117 | Idaho | (2-6-0) | -0.1635 | Pacific Coast | |
| 118 | Hampden-Sydney | (4-5-0) | -0.1709 | Independent | |
| 119 | New Mexico State | (3-6-0) | -0.1803 | Border | |
| 120 | Centenary | (2-9-1) | -0.2218 | Independent | |
| 121 | Loyola Marymount | (2-6-1) | -0.2433 | Independent | |
| 122 | Chicago | (2-6-0) | -0.3139 | Big Ten | |
| 123 | Wyoming | (0-7-1) | -0.4412 | Mountain States | |
| 124 | Northern Arizona | (1-6-1) | -0.5173 | Border |
Average Ratings by Conference (1939)
| Rk | Conference | Rating | |
|---|---|---|---|
| 1 | Southeastern | 0.3580 | |
| 2 | Big Ten | 0.3313 | |
| 3 | Big Six | 0.3295 | |
| 4 | Southwest | 0.3020 | |
| 5 | Independent | 0.2292 | |
| 6 | Pacific Coast | 0.2011 | |
| 7 | Southern | 0.1670 | |
| 8 | Mountain States | 0.0650 | |
| 9 | Missouri Valley | 0.0175 | |
| 10 | Border | 0.0027 |