The 2002 NCAA Division I-A football season ended with a double overtime national championship game. Ohio State and Miami both came into the Fiesta Bowl undefeated. The underdog Buckeyes defeated the defending-champion Hurricanes 31–24, ending Miami's 34-game winning streak. Jim Tressel won the national championship in only his second year as head coach.

Rose Bowl officials were vocally upset over the loss of the Big Ten champ from the game. Former New England Patriots coach Pete Carroll returned the USC Trojans to a BCS bid in only his second season as head coach. Notre Dame also returned to prominence, as Tyrone Willingham became the first coach in Notre Dame history to win 10 games in his first season.

Beginning with the 2002 season^{[citation needed]}, teams were allowed to schedule twelve regular season games instead of eleven leading to additional revenues for all teams and allowing players the enhanced opportunity to break various statistical records.

The NCAA Rules Committee adopted the following rules changes for the 2002 season:

• The penalty for violating the so-called "Halo Rule" (two yard restricted area around the punt/kick receiver) without making contact with the receiver is increased from five yards to 10 yards.
• Flagrant personal fouls committed during possession by the defense in overtime will be carried over to the next extra period. Previously, those fouls were disregarded but the player committing the foul was ejected from the game.
• All players are required to wear facemasks of the same color.
• Penalties committed during a touchdown play can now either be enforced on the PAT or the ensuing kickoff.

No teams upgraded from Division I-AA, leaving the number of Division I-A schools fixed at 117.

• The only conference move during this season saw the University of Central Florida leave the Independent ranks to join the Mid-American Conference as its 14th member.

Rankings reflect the AP Poll. Rankings for Week 9 and beyond will list BCS Rankings first and AP Poll second. Teams that failed to be a top 10 team for one poll or the other will be noted.

• Week 2
  • No. 1 Miami defeated No. 6 Florida, 41–16 (Ben Hill Griffin Stadium, Gainesville, Florida)
• Week 3
  • No. 6 Ohio State defeated No. 10 Washington State, 25–7 (Ohio Stadium, Columbus, Ohio)
• Week 4
  • No. 10 Florida defeated No. 4 Tennessee, 30–13 (Neyland Stadium, Knoxville, Tennessee)
• Week 7
  • No. 1 Miami defeated No. 9 Florida State, 28–27 (Miami Orange Bowl, Miami, Florida)
  • No. 2 Oklahoma defeated No. 3 Texas, 35–24 (Cotton Bowl, Dallas, Texas)
  • No. 6 Georgia defeated No. 10 Tennessee, 18–13 (Sanford Stadium, Athens, Georgia)
• Week 8
  • No. 2 Oklahoma defeated No. 9 Iowa State, 49–3 (Oklahoma Memorial Stadium, Norman, Oklahoma)
• Week 13
  • No. 2/2 Ohio State defeated No. 9/12 Michigan, 14–9 (Ohio Stadium, Columbus, Ohio)
• Week 14
  • No. 6/6 USC defeated No. 7/7 Notre Dame, 44–13 (Los Angeles Memorial Coliseum, Los Angeles, California)

The Rose Bowl normally features the champions of the Big Ten and the Pac-10. However, Big Ten-champion Ohio State, finishing No. 2 in the BCS, had qualified to play in the 2003 Fiesta Bowl for the national championship against Miami (Florida)^[3] Earlier in the season, Ohio State had defeated Washington State 25–7.

After the national championship was set, the Orange Bowl had the next pick, and invited No. 3 (No. 5 BCS) Iowa from the Big Ten. When it was the Rose Bowl's turn to select, the best available team was No. 8 (No. 7 BCS) Oklahoma, who won the Big 12 Championship Game. When it came time for the Orange Bowl and Sugar Bowl to make a second pick, both wanted Pac-10 co-champion USC. However, a BCS rule stated that if two bowls wanted the same team, the bowl with the higher payoff had priority.^[4] The Orange Bowl immediately extended an at-large bid to the No. 5 Trojans and paired them with at-large No. 3 Iowa in a Big Ten/Pac-10 "Rose Bowl East" matchup in the 2003 Orange Bowl. The Rose Bowl was left to pair Oklahoma with Pac-10 co-champion Washington State.^[4] Rose Bowl committee executive director Mitch Dorger was not pleased with the results.^[4]

As such, the BCS instituted a new rule, whereby a bowl losing its conference champion to the BCS championship could "protect" the second-place team from that conference from going to another bowl. This left the Sugar Bowl with No. 14 BCS Florida State, the winner of the Atlantic Coast Conference. Notre Dame at 10–2 and No. 9 in the BCS standings was invited to the 2003 Gator Bowl. Kansas State at No. 8 also was left out.

The Heisman Trophy is given to the year's most outstanding player

• Maxwell Award (College player of the Year): Larry Johnson, Penn State
• Walter Camp Award (top back): Larry Johnson, Penn State
• Associated Press Player of the Year: Brad Banks, Iowa
• Davey O'Brien Award (quarterback): Brad Banks, Iowa
• Johnny Unitas Award (Sr. quarterback): Carson Palmer, USC
• Doak Walker Award (running back): Larry Johnson, Penn State
• Fred Biletnikoff Award (wide receiver): Charles Rogers, Michigan State
• John Mackey Award (tight end): Dallas Clark, Iowa
• Dave Rimington Trophy (center): Brett Romberg, Miami
• Chuck Bednarik Award (defensive player): E. J. Henderson, Maryland
• Lombardi Award (top lineman): Terrell Suggs, Arizona State
• Outland Trophy (interior lineman): Rien Long, Washington State
• Dick Butkus (linebacker): E. J. Henderson, Maryland
• Jim Thorpe Award (defensive back): Terence Newman, Kansas State
• Lou Groza Award (placekicker): Nate Kaeding, Iowa
• Ray Guy Award (punter): Mark Mariscal, Colorado
• The Home Depot Coach of the Year Award: Ty Willingham, Notre Dame
• Paul "Bear" Bryant Award: Jim Tressel, Ohio St.