The Demon Deacons rebounded from a 1–3 start to win six of their next seven games to finish fourth in the Atlantic Coast Conference.
John Leach scored on a touchdown run to give Wake Forest a 7–0 lead.
Wake Forest narrowed the lead on a Mike Green field goal, but Oregon increased their lead on a Vince Ferry touchdown catch from Danny O'Neil, with a Thompson field goal making it 22–10 with :47 remaining in the half.
Dixon caught another touchdown pass, this time from Bobby Jones, to give the Deacons a 32–29 lead after the two point conversion succeeded.
Ronnie Harris scored for the Ducks on a 10 yard touchdown pass from O'Neil to make it 39–35 (after a missed kick) with 1:05 remaining, but the Demon Deacons held on to win their first bowl game since 1946.