The Mustangs finished the season with a share of the Southwest Conference championship, marking the third time in four years that SMU had at least a share of the title. Instead of receiving an invite to the Cotton Bowl Classic, which went instead to the other co-champion Houston (who handed SMU one of its two defeats), the Mustangs were invited to play in the Aloha Bowl where they defeated Notre Dame 27-20. The team's final mark was 10-2 and they finished #8 in both the Associated Press and Coaches polls.
The Mustangs finished with their fifth consecutive ten-win season. Due in part circumstances that arose from the university's continued violation of NCAA bylaws, as of the end of the 2015 season it is also their most recent season with ten or more victories. The Mustangs would also not make another bowl appearance until 2009.