In their eighth and final season under head coach Frank Lauterbur, the Rockets compiled a 12–0 record, outscored all opponents by a combined total of 384 to 88, and won the MAC championship.
[3] After the Tangerine Bowl, William & Mary head coach Lou Holtz said, "Toledo can play football with anyone – that includes teams like Ohio State and Texas.
[10] Eleven Toledo players received first-team All-MAC honors: Mel Long, quarterback Chuck Ealey, fullback Charlie Cole, end Don Fair, offensive guard Bob Caverly, offensive tackle Ken Wilson, defensive end Bob Rose, linebacker John Niezgoda, middle guard Steve Schnitkey, and defensive backs Tom Duncan and Gary Hinkson.
[12] Ken Crots, who converted six of 18 field goal attempts,[13] Ealey also won the Jim Nicholson Award as the player contributing the most to the team's success.
[17] One day before the Rockets' appearance in the Tangerine Bowl, Frank Lauterbur confirmed a leak that he was leaving the program to become the head football coach at Iowa.