The Mustangs were led by second-year head coach Sonny Dykes and played their home games at Gerald J. Ford Stadium in University Park, Texas, a separate city within the city limits of Dallas.

Following a 48–21 victory over the South Florida Bulls in week 5, the Mustangs entered the AP Poll at no.

24, their first poll ranking since the team received the NCAA's death penalty in February 1987.

The team went on to play in the Boca Raton Bowl, falling to Florida Atlantic.

Roster Last update: June 24, 2020 at Centennial Bank Stadium, Jonesboro, AR

SMU lead 31–17 at halftime, but the Horned Frogs rallied in the 2nd half to trail by 3 points late in the 4th.

Memphis hosted the Mustangs in the first-ever College GameDay appearance for the Tigers, and just the second for SMU.

The Tigers never trailed in the second half, although the Mustangs drew within one score on a Shane Buechele pass to James Proche and Jaylon Thomas's two-point conversion late in the fourth quarter.