| Rk | Team | Record | Rating | Conference | |
|---|---|---|---|---|---|
| 1 | Minnesota | (8-0-0) | 0.9250 | Big Ten | |
| 2 | Texas A&M | (9-1-0) | 0.7967 | Southwest | |
| 3 | Stanford | (10-0-0) | 0.7560 | Pacific Coast | |
| 4 | Michigan | (7-1-0) | 0.7365 | Big Ten | |
| 5 | Southern Methodist | (8-1-1) | 0.7039 | Southwest | |
| 6 | Texas | (8-2-0) | 0.6827 | Southwest | |
| 7 | Boston College | (11-0-0) | 0.6656 | Independent | |
| 8 | Mississippi State | (10-0-1) | 0.6593 | Southeastern | |
| 9 | Fordham | (7-2-0) | 0.6086 | Independent | |
| 10 | Tennessee | (10-1-0) | 0.6025 | Southeastern | |
| 11 | Santa Clara | (6-1-1) | 0.5957 | Independent | |
| 12 | Northwestern | (6-2-0) | 0.5955 | Big Ten | |
| 13 | Nebraska | (8-2-0) | 0.5866 | Big Six | |
| 14 | Duke | (7-2-0) | 0.5573 | Southern | |
| 15 | Pennsylvania | (6-1-1) | 0.5562 | Independent | |
| 16 | Cornell | (6-2-0) | 0.5439 | Independent | |
| 17 | Rice | (7-3-0) | 0.5303 | Southwest | |
| 18 | Duquesne | (7-1-0) | 0.5079 | Independent | |
| 19 | Mississippi | (9-2-0) | 0.4931 | Southeastern | |
| 20 | Washington | (7-2-0) | 0.4908 | Pacific Coast | |
| 21 | Georgetown | (8-2-0) | 0.4457 | Independent | |
| 22 | Alabama | (7-2-0) | 0.4325 | Southeastern | |
| 23 | Columbia | (5-2-2) | 0.4297 | Independent | |
| 24 | Texas Tech | (9-1-1) | 0.4261 | Independent | |
| 25 | Hardin-Simmons | (9-0-0) | 0.4255 | Independent | |
| 26 | Auburn | (6-4-1) | 0.4221 | Southeastern | |
| 27 | Navy | (6-2-1) | 0.4184 | Independent | |
| 28 | Oklahoma | (6-3-0) | 0.4176 | Big Six | |
| 29 | Notre Dame | (7-2-0) | 0.4124 | Independent | |
| 30 | Utah | (7-2-0) | 0.3924 | Mountain States | |
| 31 | Tulsa | (7-3-0) | 0.3889 | Missouri Valley | |
| 32 | St. Mary's | (5-3-0) | 0.3837 | Independent | |
| 33 | Tulane | (5-5-0) | 0.3736 | Southeastern | |
| 34 | Penn State | (6-1-1) | 0.3679 | Independent | |
| 35 | Louisiana State | (6-4-0) | 0.3621 | Southeastern | |
| 36 | Pittsburgh | (3-4-1) | 0.3587 | Independent | |
| 37 | Ohio State | (4-4-0) | 0.3541 | Big Ten | |
| 38 | Detroit Mercy | (7-2-0) | 0.3506 | Independent | |
| 39 | Missouri | (6-3-0) | 0.3489 | Big Six | |
| 40 | Colgate | (5-3-0) | 0.3461 | Independent | |
| 41 | Princeton | (5-2-1) | 0.3388 | Independent | |
| 42 | Wake Forest | (7-3-0) | 0.3357 | Southern | |
| 43 | North Carolina | (6-4-0) | 0.3349 | Southern | |
| 44 | Arizona | (7-2-0) | 0.3289 | Border | |
| 45 | Virginia Military Institute | (7-2-1) | 0.3275 | Southern | |
| 46 | Clemson | (6-2-1) | 0.3155 | Southern | |
| 47 | Baylor | (4-6-0) | 0.3081 | Southwest | |
| 48 | Denver | (6-2-1) | 0.3000 | Mountain States | |
| 49 | Arkansas | (4-6-0) | 0.2992 | Southwest | |
| 50 | Georgia | (5-4-1) | 0.2849 | Southeastern | |
| 51 | Oklahoma State | (6-3-1) | 0.2826 | Missouri Valley | |
| 52 | Harvard | (3-2-3) | 0.2811 | Independent | |
| 53 | William & Mary | (6-2-1) | 0.2780 | Southern | |
| 54 | Dartmouth | (5-4-0) | 0.2530 | Independent | |
| 55 | Wisconsin | (4-4-0) | 0.2471 | Big Ten | |
| 56 | Colorado | (5-3-1) | 0.2426 | Mountain States | |
| 57 | Texas Christian | (3-7-0) | 0.2396 | Southwest | |
| 58 | Iowa | (4-4-0) | 0.2388 | Big Ten | |
| 59 | Syracuse | (3-4-1) | 0.2366 | Independent | |
| 60 | Oregon State | (5-3-1) | 0.2296 | Pacific Coast | |
| 61 | Kentucky | (5-3-2) | 0.2194 | Southeastern | |
| 62 | Indiana | (3-5-0) | 0.2122 | Big Ten | |
| 63 | Creighton | (6-2-2) | 0.2105 | Missouri Valley | |
| 64 | Temple | (4-4-1) | 0.2063 | Independent | |
| 65 | Brown | (6-3-1) | 0.2004 | Independent | |
| 66 | Oregon | (4-4-1) | 0.1985 | Pacific Coast | |
| 67 | California | (4-6-0) | 0.1959 | Pacific Coast | |
| 68 | Michigan State | (3-4-1) | 0.1919 | Independent | |
| 69 | Southern California | (3-4-2) | 0.1825 | Pacific Coast | |
| 70 | New Mexico | (5-4-0) | 0.1823 | Border | |
| 71 | Arizona State | (7-2-2) | 0.1789 | Border | |
| 72 | Washington State | (4-4-2) | 0.1724 | Pacific Coast | |
| 73 | Florida | (5-5-0) | 0.1681 | Southeastern | |
| 74 | Holy Cross | (4-5-1) | 0.1547 | Independent | |
| 74= | Villanova | (4-5-0) | 0.1547 | Independent | |
| 76 | George Washington | (5-3-1) | 0.1389 | Independent | |
| 77 | Richmond | (6-3-0) | 0.1343 | Southern | |
| 78 | Gonzaga | (5-4-1) | 0.1165 | Independent | |
| 79 | Virginia | (4-5-0) | 0.1132 | Independent | |
| 80 | Virginia Tech | (5-5-0) | 0.0905 | Southern | |
| 81 | Purdue | (2-6-0) | 0.0878 | Big Ten | |
| 82 | Iowa State | (4-5-0) | 0.0805 | Big Six | |
| 83 | Vanderbilt | (3-6-1) | 0.0768 | Southeastern | |
| 84 | West Virginia | (4-4-1) | 0.0752 | Independent | |
| 85 | Furman | (5-4-0) | 0.0720 | Southern | |
| 86 | Marquette | (2-6-1) | 0.0707 | Independent | |
| 87 | Manhattan | (3-6-0) | 0.0691 | Independent | |
| 88 | Georgia Tech | (3-7-0) | 0.0652 | Southeastern | |
| 89 | Texas-El Paso | (4-4-1) | 0.0379 | Border | |
| 90 | North Carolina State | (3-6-0) | 0.0319 | Southern | |
| 91 | Brigham Young | (2-4-2) | 0.0290 | Mountain States | |
| 92 | San Francisco | (1-6-1) | 0.0204 | Independent | |
| 93 | Carnegie Tech | (3-5-0) | -0.0017 | Independent | |
| 94 | South Carolina | (3-6-0) | -0.0130 | Southern | |
| 95 | UCLA | (1-9-0) | -0.0263 | Pacific Coast | |
| 96 | St. Louis | (3-6-1) | -0.0283 | Missouri Valley | |
| 97 | Colorado State | (3-4-2) | -0.0383 | Mountain States | |
| 98 | Davidson | (5-5-0) | -0.0443 | Southern | |
| 99 | Montana | (4-4-1) | -0.0565 | Pacific Coast | |
| 100 | Illinois | (1-7-0) | -0.0687 | Big Ten | |
| 101 | Centenary | (3-7-0) | -0.0778 | Independent | |
| 102 | Yale | (1-7-0) | -0.0925 | Independent | |
| 103 | Kansas State | (2-7-0) | -0.1139 | Big Six | |
| 104 | Drake | (4-5-0) | -0.1161 | Missouri Valley | |
| 105 | Washington (Missouri) | (3-6-0) | -0.1230 | Missouri Valley | |
| 106 | Army | (1-7-1) | -0.1281 | Independent | |
| 107 | Loyola Marymount | (3-7-0) | -0.1352 | Independent | |
| 108 | New York University | (2-7-0) | -0.1497 | Independent | |
| 109 | Maryland | (2-6-1) | -0.1781 | Southern | |
| 110 | Kansas | (2-7-0) | -0.1831 | Big Six | |
| 111 | Miami (Florida) | (3-7-0) | -0.1960 | Independent | |
| 112 | Utah State | (2-5-1) | -0.1985 | Mountain States | |
| 113 | Sewanee | (3-5-0) | -0.2033 | Southeastern | |
| 114 | Hampden-Sydney | (4-5-0) | -0.2394 | Independent | |
| 115 | Idaho | (1-7-1) | -0.2520 | Pacific Coast | |
| 116 | Washington & Lee | (2-7-1) | -0.2612 | Southern | |
| 117 | Washburn | (4-6-0) | -0.2779 | Missouri Valley | |
| 118 | Citadel | (4-5-0) | -0.2783 | Southern | |
| 119 | New Mexico State | (3-6-0) | -0.2799 | Border | |
| 120 | Wyoming | (1-7-1) | -0.3282 | Mountain States | |
| 121 | Northern Arizona | (2-6-0) | -0.4205 | Border |
Average Ratings by Conference (1940)
| Rk | Conference | Rating | |
|---|---|---|---|
| 1 | Southwest | 0.5087 | |
| 2 | Big Ten | 0.3698 | |
| 3 | Southeastern | 0.3043 | |
| 4 | Independent | 0.2303 | |
| 5 | Big Six | 0.1894 | |
| 6 | Pacific Coast | 0.1891 | |
| 7 | Southern | 0.1135 | |
| 8 | Mountain States | 0.0570 | |
| 9 | Missouri Valley | 0.0481 | |
| 10 | Border | 0.0046 |