Bob Sullivan returned as the head coach, and Gerald Young was hired as the team's new defensive coordinator.
The team compiled a 9–1 record and won the Minnesota Intercollegiate Athletic Conference (MIAC) championship,[1] but lost to the Central Dutch in the first round of the NCAA Division III playoffs.
The Knights had 19 players return from the 1991 season, with Scott Hanks moving from running back to tight end.
Carleton linebacker Barry Burch returned an interception for a touchdown in the third quarter and Hamline's Mike Bjork recorded 17 tackles.
[8][9] Prior to the Bethel game, Carleton's defense had not allowed a touchdown and was ranked third in NCAA Division III.
[2][16] With the victory, Carleton retained the Goat trophy, awarded annually to the winner of the Carleton-St. Olaf football game.
[24][25][26] On Friday, November 13, 1992, Carleton secured the MIAC championship with a 21–20 victory over Gustavus Adolphus at the Metrodome.
[27] On November 21, 1992, Carleton lost, 20–8, to Ron Schipper's Central College team in the first round of the Division III West Region playoffs.
[28][29] Scott Hanks scored Carleton's only touchdown on a 16-yard pass from Kluender with one second remaining in the first half.
[32] Six Carleton players were named by conference coaches to the All-MIAC football team: Aston Coleman, Art Gilliland, Scott Hanks, Adam Henry, Geoff Morse, and Watie White.