Illinois, under head coach Robert Zuppke, compiled an 8–0 record, outscored opponents by a combined total of 136 to 20, and tied for the Big Ten championship.
Halfback Red Grange was recognized as a consensus All-American and was one of the inaugural inductees into the College Football Hall of Fame.
The 1923 Illinois team has been recognized as the national champion by selected retroactively as the national champion by the Boand System, College Football Researchers Association, Helms Athletic Foundation, and Parke H. Davis, and as a co-national champion by the Berryman QPRS system, National Championship Foundation, and Jeff Sagarin (using the ELO-Chess methodology).
[1] Michigan, under head coach Fielding H. Yost, compiled an 8–0 record, tied for the Big Ten championship, and outscored its opponents by a combined total of 150 to 12.
Center Jack Blott was a consensus All-American, and halfback Harry Kipke was later inducted into the College Football Hall of Fame.