In their first season under head coach Matty Bell, the Mustangs posted an overall record of 12–1 record with a mark of 6–0 in conference play, winning the SWC title.
SMU was invited to the Rose Bowl, where they lost to Stanford.
[1] SMU was named as the national champion in 1935 by the Dickinson System and Houlgate System and were awarded national championship trophies by both rankings.
[2] They were later retroactively named champions by Berryman and Sagarin as well, and are one of five teams chosen by selectors recognized as "major" by the NCAA.
[3] Two SMU players, halfback Bob Wilson and guard J. C. Wetsel, were selected as a consensus first-team player on the 1935 All-America college football team.