The Knights compete in the Division I Football Bowl Subdivision (FBS) of the National Collegiate Athletic Association (NCAA) and are a member of the Big 12 Conference.

[13] The Knights play their home games at the 45,301-seat[14] FBC Mortgage Stadium, which is located on UCF's main campus in Orlando, Florida, United States.

[20] Beginning at the Division III level, O'Leary, then the university's athletic director, held a meeting of prospective players, who paid $14 per night to stay in the dorms and brought their own uniforms to the tryouts, in March 1979.

Following the disappointing beginning to the season, Saban stepped away from the program, and was replaced on an interim basis by assistant coach Jerry Anderson.

[33] Reeling after a disappointing string of seasons, there were discussions within the community about the possibility of dismantling the program,[39] and Peterson announced his retirement as the university's athletic director.

[33] Due to financial hardships, McDowell waived half of his annual salary, and FSU head coach Bobby Bowden donated uniforms and cleats to the program.

[42] During a game against the defending D-II national champions Troy at the Citrus Bowl, UCF fans were so loud at one point that the Trojans quarterback Bob Godsey couldn't call plays.

[49][50] In 1992, Dr. John Hitt, UCF's fourth president, announced that the program would make the move to Division I-A in 1996,[51] and he hired Steve Sloan as the university's new athletic director.

[54] In the wake of a federal fraud scandal revolving around improper cellular phone benefits and use, McDowell resigned as head coach on January 20, 1998.

[67] On the final day of the regular season, Miami upset UCLA, setting off a chain reaction that sent Washington to the Oahu Bowl and left the Knights out in the cold.

[72] Kruczek was replaced on an interim basis by assistant coach and former player Alan Gooch who finished out the dismal 3–9 season[73] with losses to Mid-American Conference rivals Marshall and Miami (OH).

[78] This was a controversial and bold hire because O'Leary had previously left Georgia Tech after the 2001 season and been named head coach at Notre Dame, but resigned in disgrace five days into his tenure after inconsistencies were found on his resume.

After defeating a BCS AQ conference school for just the second time ever, NC State by a score of 25–23,[92] they inaugurated their new stadium by hosting and losing to national power No.

[93] The Knights lost to archrival South Florida by a score of 64–12 in Tampa,[94] but went on to have a 10–4 overall record and won the C-USA East again, hosting the Championship game against Tulsa once more.

[102] On March 18, 2008, running back Ereck Plancher collapsed shortly after a conditioning drill, and was then transported to a nearby hospital where he died approximately one hour later.

[110] Entering the 2010 season, with the recruitment of Jeffrey Godfrey and return of key seniors, including Bruce Miller, there were high hopes for the Knights.

[130] Following an investigation into recruiting violations in the men's basketball and football programs in 2011, on July 31, 2012, the NCAA announced sanctions – in addition to penalties UCF had previously self-imposed.

[133][134] In 2012, the Knights finished 10–4[135] and won their fourth C-USA East Division championship, though they would fall 33–27 in overtime to Tulsa in the league title game.

[136] UCF would play in the 2012 Beef 'O' Brady's Bowl and win 38–17 over Ball State as quarterback Blake Bortles would be named the game's MVP after throwing four touchdown passes.

[161] Following UCF's 59–10 loss to Houston on homecoming,[162] dropping the Knights to an 0–8 record to start the 2015 season, O'Leary resigned as head football coach.

[189] Surprising even himself, Frost and his team went on to an undefeated regular season in 2017, defeating FIU,[190] Maryland,[191] Memphis,[192] Cincinnati,[193] East Carolina,[194] Navy,[195] Austin Peay,[196] SMU,[197] UConn,[198] Temple,[199] and rival USF in a War on I-4 shootout.

[203] The breakout season for Frost and his team made him one of the most sought-after coaches on the market, drawing interest from Florida and his alma mater, Nebraska.

In their rivalry game at South Florida, star quarterback McKenzie Milton suffered a gruesome knee injury and was taken straight to the hospital, eventually requiring multiple surgeries to save the leg.

In his second season—UCF's final year in the American—Malzahn started the season 7-2 with wins over #20 Cincinnati and #17 Tulane, but losses to East Carolina and Navy prevented the Knights from hosting a conference championship game.

While UCF was the primary leasing tenant of the Citrus Bowl for 25 years, they received little revenue from football games, and the stadium's capacity (65,000) was considered too large for the Knights.

The location off campus was considered a significant factor in the inability to sustain a sizeable student section, while the stadium's upper decks were rarely occupied for UCF games.

The city was in the planning stages for a new arena, new performing arts center, and "creative village", with stadium renovations seemingly taking less and less priority.

In early 2005, as a response to the deteriorating condition of the Citrus Bowl, and lack of revenue derived from the games there, UCF formally proposed building an on-campus stadium.

Just over two weeks before the 2019 season opener, the UCF athletic department announced that the entire season-ticket allotment was sold out for the first time in school history.

In the press release, then-UCF athletic director Danny White teased a possible expansion of the facility in the future if ticket demand remains high.