The Mustangs had been put on probation by the NCAA for recruiting violations and were banned from participating in any bowl game in 1981. Since SMU's performance would have given them an automatic berth in the Cotton Bowl Classic, the team decided to treat its final regular season game at Arkansas as their bowl game and nicknamed it the "Polyester Bowl". SMU defeated the Razorbacks 32–18.
SMU finished at No. 5 in the final AP Poll. Because its rules prevent schools under probation from being considered, the Mustangs were not ranked in the Coaches Poll at all during the season. At season's end, the Mustangs were recognized as one of five co-national champions by the National Championship Foundation (NCF).[1]: 112–114
The team's offense scored 365 points while the defense allowed 137 points.