The Knights were led by second-year head coach Gus Malzahn and played their home games at the newly named FBC Mortgage Stadium in Orlando, Florida.

After a last-second victory against rival South Florida, UCF secured a berth in the AAC Championship Game, a rematch at Tulane.

Quarterback John Rhys Plumlee made his first start for the Knights, leading them to a 56–10 victory over South Carolina State (FCS) on opening night.

On 1st & 10 at the 17 yard line, Plumlee rolled out to his left on a quarterback keeper, shook four defenders, and ran the ball in for his first rushing touchdown with the Knights.

Defensive lineman Jeblonski Green Jr. scooped up the fumble at the 18 yard line, and appeared to be running the ball back the other way for a Bulldogs touchdown.

The Knights offense went a little cold in the third quarter, and the special teams unit gave up a blocked punt that led to a Bulldogs touchdown.

With 12:18 left in the game, Quadric Bullard blocked Dyson Robert's punt near the 10 yard line, and recovered the ball in the endzone for another touchdown, and a 56–10 lead.

Freshman kicker Colton Boomer went four-for-four on field goals, and Quadric Bullard returned a blocked punt for a touchdown, as UCF came away with a 27–10 victory.

The drive finally stalled at the 4 yard line, and Colton Boomer kicked a chip-shot field goal to give UCF an early 3–0 lead.

John Rhys Plumlee faked a handoff up the middle to R.J. Harvey, then rolled to his right, eluding tackles for a 28-yard touchdown run.

On 1st & 10 at the UCF 42, Plumlee faked a handoff, then threw over to Javon Baker, who made two cutbacks and broke free for a 51-yard gain down to the SMU 7.

Tanner Mordecai drove the Mustangs to the UCF 19 yard line, aided by a pass interference penalty on Brandon Adams.

On 1st & Goal at the Tempe 6, Plumlee threw a lateral to offensive lineman Tylan Grable, who rumbled down to the 1 yard line.

When the drive finally stalled at the UCF 8 yard line, Andrew Conrad's 25-yard field goal attempt hit the upright no good.

Mikey Keene took over for injured quarterback John Rhys Plumlee, throwing for 176 yards, and led the Knights on the game-winning touchdown drive in the final minute.

Cincinnati quarterback Ben Bryant made two quick completions to Tre Tucker, then found Nick Mardner down to the UCF 39.

The Bearcats tacked on the two-point conversion, a Bryant pass across the field to an elusive and slicing Tyler Scott (who made the one-handed catch), and led 21–18.

After a gain of 5 on first down, Seth Henigan's pass was tipped, bounced among at least three players, and fell into the hands of Davonte Brown for an interception.

Valentino Ambrosio missed a 39-yard field goal attempt, but UCF was called for roughing the kicker, and Tulane kept the drive alive.

Sensing the Green Wave might have jumped offsides – and thus affording UCF a "free play" – instead of running, Bowser rolled to his right and lofted a deep pass to John Rhys Plumlee.

Plumlee, who had lined up outside to the right as a wide receiver, failed to make a one-handed catch along the sidelines, but Jarius Monroe was flagged for pass interference, and the Knights got the first down.

[44][45] Alec Holler made a spectacular one-handed touchdown catch with 20 seconds left in regulation to lift the Knights over the Bulls.

On the sixth play of the game, quarterback John Rhys Plumlee on a read-option, ran up the middle and took off down the right sidelines untouched for a 64-yard touchdown.

Mikey Keene drove the Knights 75 yards in 13 plays, and early in the fourth quarter, found Kobe Hudson for a 4-yard touchdown pass with 12:27 to go.

Xavier Townsend made a fair catch at the 18, and Mikey Keene would drive the Knights 82 yards in 8 plays for the game-winning score.

Big plays on offense gassed the UCF defense, and despite a late rally, Tulane seemingly had an answer for every score, and pulled away for a 45–28 victory.

With 18 seconds left in the half, Pratt was hit as he threw, and put up a wobbly pass which was intercepted by Davonte Brown, snuffing out a Tulane scoring opportunity.

Several players, including back-up quarterback Mikey Keene, wide receiver Ryan O'Keefe, linebacker Jeremiah Jean-Baptiste, and corner back Davonte Brown entered the transfer portal.

Dillon Gabriel, who started at quarterback for the Knights in 2019–2020, and led UCF to a win in the 2019 Gasparilla Bowl, suffered a season-ending broken clavicle at Louisville in the third week of 2021.

[89] Isaiah Bowser, Josh Celiscar, Sam Jackson, Jeremiah Jean-Baptiste, and receiver Ryan O'Keefe were voted team captains.