The 1972 NCAA University Division football season saw the USC Trojans, coached by John McKay, go undefeated and win the national championship as the unanimous choice of the 50 AP panelists.

The NCAA Football Guide, however, did note an "unofficial national champion" based on the top ranked teams in the "wire service" (AP and UPI) polls.

Through the 1973 season, the UPI issued its final poll in early December before the bowls, but since 1968 (and 1965) the AP Trophy was withheld until the postseason was completed.

This season was historically significant because it was the first in which freshmen were eligible to play varsity football in the University Division.

For the 1973 season, the NCAA created the three-division structure that exists today with teams and conferences designated accordingly: Five years later in 1978, Division I was subdivided (for football only) into I-A and I-AA.

Many of the teams and conferences now in FCS (Big Sky, Ohio Valley, SWAC, Yankee) were initially in Division II and moved up to I-AA.