Led by first-year head coach Frank Potts, the Buffaloes compiled an overall record of 5–3–1 with a mark of 4–1–1 in conference play, tying for second place in the MSC.

68 (out of 697 college football teams) in the final rankings under the Litkenhous Difference by Score system for 1940.

[1] [4][5][6] The following Buffaloes were selected in the 1941 NFL draft following the season.

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