In their third season under head coach Buck Shaw, the Broncos compiled a 6–2 record and outscored opponents by a total of 97 to 26.
5 in the AP Poll before losing the last two games of the season.
[1] Santa Clara tackle Alvord Wolff was a consensus first-team selection for the 1938 College Football All-America Team.
[2] Wolff was selected by the Chicago Cardinals with the 16th overall pick of the 1939 NFL Draft.
The following Broncos were selected in the 1939 NFL draft following the season.