Led by third-year head coach Bunny Oakes, the Buffaloes won all eight games in the regular season, with a 7–0 mark in conference play, winning the RMC title.
Ranked seventeenth, undefeated Colorado was invited to the Cotton Bowl in Dallas on New Year's Day, but lost to No.
[3] Senior back Byron "Whizzer" White, a Rhodes scholar and future justice of the U.S. Supreme Court, was a consensus All-American, the runner-up for the Heisman Trophy, and the fourth overall pick of the 1938 NFL draft.
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