In their second season under head coach John Rhodes, the Cowboys compiled a 6–4 record (3–2 against RMC opponents), tied for fourth place in the conference, and outscored opponents by a total of 170 to 75.
[1][2] The 1931 team had the only winning record for the Wyoming football program between 1925 and 1949.
[2] On October 24, 1931, Wyoming's athletic ground was dedicated as Corbett Field in honor of the school's longtime coach and athletic director, John Corbett.
[3] At the end of the season, two Wyoming players received honors on the Associated Press All-Rocky Mountain Conference football team.
Halfback Carl Dir received second-team honors, and tackle Clarence Smith received third-team honors.