Heading into the game, the University of Toledo had an unblemished 11–0–0 record. They were MAC champions and were ranked #14 in the AP Poll. The Toledo Rockets were heavy favorites; they were riding a 34-game winning streak and attempting to finish their third straight undefeated and untied season in a row. Their nationally ranked defense, led by All-American Mel Long, helped the Rockets out-gain the Spiders 395–138 in total yards.
The University of Richmond entered with a 5–6–0 record. They were Southern Conference champions after they defeated William & Mary, 21–19, in the regular season finale to clinch the conference title. The Spiders were appearing in their second-ever postseason bowl game (their first, ironically, was the 1968 Tangerine Bowl three years prior to that). It would ultimately be the school's final bowl game as well.
The Toledo Rockets would finish #14 in the season's final AP Poll.
