The Buffaloes' only loss of the season came on the road against eventual consensus national champion Nebraska.
Colorado, ranked #2 at the time, was in line to play for the national title as part of the Bowl Coalition.
The Buffaloes competed in the 1995 Fiesta Bowl, which they won 41–24 over unranked Notre Dame.
Notre Dame, playing as an independent, had its own agreement with the Bowl Coalition, which allowed the Fiesta Bowl to choose them as an at-large opponent over more highly ranked teams.
The game was decided on Colorado quarterback Kordell Stewart's 64-yard Hail Mary pass to Michael Westbrook, which gave the play its name.