The 1932 Howard Payne Yellow Jackets represented Howard Payne College—now known as Howard Payne University—as a member of the Texas Conference during the 1932 college football season.
Led by fifth-year head coach Joe Bailey Cheaney, the Yellow Jackets compiled an overall record of 7–1 with a mark of 4–0 in conference play, winning the Texas Conference title for the fifth consecutive season.
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