Led by Pete Cawthon in his 11th and final season as head coach, the Red Raiders compiled an overall record of 9–1–1 with a mark of 0–1 in conference play.

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

[1] The team played home games at Tech Field in Lubbock, Texas.

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