In its fourth season under head coach Biff Jones, the team compiled an 8–2 record (5–0 against conference opponents), won the Big Six championship, was ranked No.
Five Cornhuskers received first-team honors from the United Press on the 1940 All-Big Six Conference football team: Alfson; Behm; halfback Harry Hopp; Walter Luther; and Ray Prochaska.
When the Cornhuskers answered later in the third on a long reverse play, the tying score was called back on an offsides penalty and Nebraska was unable to put the ball over again as they fell to 4-16-2 in the series.
[17][18] Indiana arrived in Lincoln to open Nebraska's home schedule, and quickly found themselves scrambling to keep up as the Cornhuskers jumped out to a 13–0 lead by halftime.
After the break, both teams again pushed each other back and forth with nothing to show for their troubles until the fourth when the Cornhuskers used a big play to put the game out of reach and shut out Oklahoma in Norman.
No further points would be tallied in the second half, and the win was Nebraska's fourth straight over Iowa as they improved to 19-7-3 all time and gained one spot in the AP Poll.
Before the end of the third quarter, though, the Cornhuskers managed to punch in a field goal to go ahead, and successfully held off the Panthers for the rest of the game.
Words in the locker room at the break probably had much to do with the storm that emerged in the second half, as Nebraska blasted the line and racked up 21 unanswered points to take the game back from the Cyclones and improve to 29-5-1 against Iowa State to date.
[17][21] Nebraska scored without serious challenge in each of the first three quarters while also keeping the Wildcats off the board despite all efforts by Kansas State to try to avoid the shutout that was due to be dealt.
[17][22] Nebraska, undefeated all season save for the loss to #1 Minnesota, was invited to the program's first ever postseason game to play #2 Stanford in the Rose Bowl.
In Pasadena, after the formalities and parades were completed, the football teams set to the business of deciding the Rose Bowl title for the 1940 season.
Fate stepped in and handed Stanford a punt return for touchdown on that play, and with no more points scored on the day, the game was decided.