Nebraska won the game by 38 points, with a final score of 62–24, to repeat as national champions for the second time in school history after doing so in 1970 and 1971.
Florida, behind the passing of future Heisman Trophy winner Danny Wuerffel, had racked up similarly impressive offensive numbers, though mostly through the air.
Florida received the opening kickoff and drove to the Nebraska 5, before settling for a 23-yard Bart Edmiston field goal.
Aided by good field position, the Huskers countered on their opening series with a 53-yard scoring drive, capped by a 16-yard cross-field throwback pass from Tommie Frazier to Lawrence Phillips.
On second down, the Huskers appeared to have sacked Wuerffel in the end zone for a safety, but officials ruled his forward progress had brought him out to the 1.
A 1-yard dive from freshman Ahman Green and a Kris Brown field goal made the margin 15 points.
Then, cornerback Michael Booker picked off a Wuerffel pass and returned it 42 yards for another Nebraska score, this one making it 32–10.
Nebraska quickly forced a punt and added a second Brown field goal to take a decisive 35–10 advantage into the locker room.
On second down from the Nebraska 25, Cornhuskers quarterback Tommie Frazier ran an option play to the right, and decided to keep the ball rather than pitch.
Nebraska defensive tackle Christian Peter recovered and returned it for two points but the play had been blown dead.
Third-string quarterback Matt Turman drove the Huskers to the Florida goal line before taking a knee to run out the clock.
The Gators would use the Fiesta Bowl rout as a rallying point for their 1996 season, in which they won the first national championship in school history.