Rudy Carpenter threw for 261 yards and 2 touchdowns and an interception as The Sun Devils needed a strong fourth quarter to beat I-AA Northern Arizona at home.
Ryan Torain rushed for 185 yards and 1 touchdown, but Rudy Carpenter threw 4 INTs as the Sun Devils struggled all afternoon against the Golden Bears.
Brennan, 33-of-42 for 559 yards, threw a 7-yard scoring pass to Ryan Grice-Mullen on the Warriors' second series of the second half to break the previous mark of 54 set by Houston's David Klingler in 1990, also against the Sun Devils.
Brennan and Rivers, selected the co-MVPs for Hawaii, also teamed on the final touchdown pass, a 79-yarder late in the fourth quarter.
Brennan also set the WAC single-season record for most passing yards (5,549), which was previously held by BYU's Ty Detmer in 1990.
The Warrior offense racked up a season high 680 total yards, while the defense held Arizona State to 391 yards, sacked Sun Devil quarterback Rudy Carpenter four times, and forced two fumbles, one in the red zone halting an ASU drive, and another which led to a field goal.
The Sun Devils (7-6) concluded their disappointing season, unable to send coach Dirk Koetter out with a win.