Preseason Odds
- As of Jul 15, 2004
| Championship Odds | Record | |
|---|---|---|
| USC | +300 | 13-0 |
| Oklahoma | +600 | 12-1 |
| Georgia | +800 | 10-2 |
| Texas | +1000 | 11-1 |
| LSU | +1000 | 9-3 |
| Florida State | +1000 | 9-3 |
| Michigan | +1500 | 9-3 |
| Miami (FL) | +1500 | 9-3 |
| Ohio State | +1500 | 8-4 |
| Florida | +3000 | 7-5 |
| Tennessee | +4000 | 10-3 |
| Nebraska | +4000 | 5-6 |
| Kansas State | +4000 | 4-7 |
| Auburn | +5000 | 13-0 |
| West Virginia | +5000 | 8-4 |
| Wisconsin | +6000 | 9-3 |
| Notre Dame | +6000 | 6-6 |
| Missouri | +6000 | 5-6 |
| Purdue | +6000 | 7-5 |
| Maryland | +6000 | 5-6 |
| Iowa | +6000 | 10-2 |
| Virginia | +6000 | 8-4 |
| Clemson | +6000 | 6-5 |
| Virginia Tech | +6000 | 10-3 |
| Minnesota | +7500 | 7-5 |
| California | +7500 | 10-2 |
| Texas A&M | +10000 | 7-5 |
| UCLA | +10000 | 6-6 |
| Arizona State | +10000 | 9-3 |
| Penn State | +10000 | 4-7 |
| Oregon | +10000 | 5-6 |
| Alabama | +10000 | 6-6 |
| Colorado | +10000 | 8-5 |
| Oklahoma State | +10000 | 7-5 |
| Oregon State | +10000 | 7-5 |
| Michigan State | +15000 | 5-7 |
| Washington | +15000 | 1-10 |
| Washington State | +15000 | 5-6 |
| South Carolina | +20000 | 6-5 |
| Ole Miss | +20000 | 4-7 |
| Texas Tech | +20000 | 8-4 |
| Arkansas | +20000 | 5-6 |
| North Carolina State | +30000 | 5-6 |
| Colorado State | +30000 | 4-7 |
| Utah | +30000 | 12-0 |
| Boise State | +30000 | 11-1 |
| Nevada-Las Vegas | +100000 | 2-9 |
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