Two human polls comprised the 1972 NCAA University Division football rankings. Unlike most sports, college football's governing body, the NCAA, does not bestow a national championship, instead that title is bestowed by one or more different polling agencies. There are two main weekly polls that begin in the preseason—the AP Poll and the Coaches Poll.
| Increase in ranking | |||
| Decrease in ranking | |||
| Not ranked previous week | |||
| National champion | |||
| Win–loss record | |||
| Number of first place votes | |||
| Tied with team above or below also with this symbol |
| Ranking | Team | Conference | Bowl |
|---|---|---|---|
| 1 | USC | Pac-8 | Won Rose, 42–17 |
| 2 | Oklahoma | Big Eight | Won Sugar, 14–0 |
| 3 | Ohio State | Big Ten | Lost Rose, 17–42 |
| 4 | Alabama | SEC | Lost Cotton, 13–17 |
| 5 | Texas | Southwest | Won Cotton, 17–13 |
| 6 | Michigan | Big Ten | none |
| 7 | Auburn | SEC | Won Gator, 24–3 |
| 8 | Penn State | Independent | Lost Sugar, 0–14 |
| 9 | Nebraska | Big Eight | Won Orange, 40–6 |
| 10 | LSU | SEC | Lost Bluebonnet, 17–24 |
| 11 | Tennessee | SEC | Won Bluebonnet, 24–17 |
| 12 | Notre Dame | Independent | Lost Orange, 6–40 |
| 13 | Arizona State | WAC | Won Fiesta, 49–35 |
| 14 | Colorado | Big Eight | Lost Gator, 3–24 |
| North Carolina | ACC | Won Sun, 32–28 | |
| 16 | Louisville | MVC | none |
| 17 | UCLA | Pac-8 | |
| Washington State | Pac-8 | ||
| Utah State | Independent | ||
| 20 | San Diego State | PCAA |