In their seventh year under head coach Jess Neely, the Owls compiled a 9–2 record (5–1 against SWC opponents), tied with Arkansas for the conference championship, outscored all opponents by a total of 245 to 62, and were ranked No.
[1] Rice ranked fifth nationally in total defense, allowing opponents to gain an average of only 166.3 yards per game.
[2] It also ranked fifth among 120 major college teams in scoring defense, allowing an average of 5.6 points per game.
[4] Five Rice players received honors from the Associated Press (AP) or United Press (UP) on the 1946 All-Southwest Conference football team: Carl Russ (AP-1, UP-1); Weldon Humble (AP-1, UP-1); back Huey Keeney (AP-1, UP-1); tackle Charles Malmberg (AP-2, UP-1); and end Win Williams (AP-2, UP-2).
[5][6] The team played its home games at Rice Field in Houston.