- Oregon — highest-ranked conference champion (Big Ten) and seeded No. 1
- Ohio State — at-large pick (second team from the Big Ten), seeded No. 5
- Texas — second-highest-ranked conference champion (SEC) and seeded No. 2
- Penn State — at-large pick (third team in the Big Ten), seeded No. 6
- Notre Dame — at-large pick (independent), seeded No. 7
- Miami (Fla.) — third-highest-ranked conference champion (ACC) and seeded No. 3
- Georgia — at-large pick (second team from the SEC), seeded No. 8
- Tennessee — at-large pick (third team from the SEC), seeded No. 9
- SMU — at-large pick (second team from the ACC), seeded No. 10
- Indiana — at-large pick (fourth team from the Big Ten), seeded No. 11
- Boise State — fourth-highest-ranked conference champion (Mountain West) and seeded No. 4
- Clemson — first team out of the CFP
- Alabama — second team out of the CFP
- Arizona State — fifth-highest-ranked conference champion (Big 12) and seeded No. 12
- Deion Sanders