ESPN has released its 2025 Football Power Index (FPI) ratings and projections, and our college football reporters are here to break them down.

The ratings, for the uninitiated, include forecasts for every team’s record, its chances of winning a conference title and of course, its probability to make the expanded 12-team playoff and win the national championship.

The FPI is a power rating that tracks each team’s strength relative to an average FBS squad. Teams are rated on offense, defense and special teams, with the values representing points per game.

You can read Neil Paine’s takeaways here and get our staff’s analysis below.

Which team is FPI undervaluing?

Paolo Uggetti: Even though Kenny Dillingham said at Big 12 spring meetings recently that being considered one of the conference’s favorites after being picked to finish last in 2024 is “less fun,” I still think FPI is slightly undervaluing the Sun Devils at No. 24. Sure, they lost star running back Cam Skattebo to the NFL draft, but they also return a quarterback in Sam Leavitt (2,885 yards and 24 touchdowns last year) who could be a Heisman contender, wide receiver Jordyn Tyson (1,101 yards and 10 touchdowns) and defensive back Xavion Alford, among several other starters and stalwarts of last year’s Cinderella season. Dillingham won’t flinch at now being considered a favorite to win the conference and I imagine he’ll have ASU with plenty of fire and motivation come kickoff. It would not shock me to see them make another playoff run.

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Kenny Dillingham: ASU facing a different type of adversity this year

Arizona State head coach Kenny Dillingham explains the differences his team is facing this season after coming off a Big 12 title last season.

Mark Schlabach: I think you can argue that Clemson is one of the two best teams in the FBS entering the season (along with Penn State), and it’s certainly one of the best 10, so it’s surprising to see them in at No. 11. In our colleague Jordan Reid’s initial 2026 NFL mock draft, he had four Tigers going in the first round, including quarterback Cade Klubnik at No. 1. Three seasons ago, Clemson fans wondered whether Klubnik was the right guy for the job, now he’s considered one of the most polished passers in the sport, after throwing for 3,639 yards with 36 touchdowns and six interceptions last season. The Tigers have the best defensive line in the FBS, and Reid had tackle Peter Woods and edge rusher T.J. Parker going in the top 10, as well. The Tigers open the season against LSU at home and play at South Carolina in the finale, but I can’t see many ACC teams beating them.

Bill Connelly: There are quite a few non-SEC teams we could choose from here, but I’m going to go with No. 39 Iowa. The Hawkeyes have more to replace on defense than usual, but a) I can’t even pretend like they’ll have anything other than a top-10 or top-15 defense until proven otherwise, and b) the offense improved significantly last year (albeit from horrific to merely mediocre) and might have made a lovely QB upgrade by bringing in South Dakota State’s Mark Gronowski. Losing running back Kaleb Johnson hurts, but this very much feels like a top-25-level team to me, one I trust quite a bit more than quite a few of the teams directly ahead of the Hawkeyes in FPI.

Jake Trotter: Indiana did graduate quarterback Kurtis Rourke, who had a fabulous one season for the Hoosiers while propelling them to the playoff and the first 10-win season in school history. Indiana, however, returns several key players from last year’s squad, including All-Big Ten receiver Elijah Sarratt, defensive end Mikail Kamara, linebacker Aiden Fisher and cornerback D’Angelo Ponds. The Hoosiers also added Cal transfer quarterback Fernando Mendoza, who brought plenty of experience (19 career starts) with him to Bloomington. Curt Cignetti has already proved he can coach. And with no Ohio State or Michigan on the schedule, it wouldn’t be completely stunning if Indiana knocks on the door of playoff contention once again.

Which team is FPI overvaluing?

Trotter: So we’re doing this again, huh? Every preseason, Texas A&M gets top-10 hype. Every season, the Aggies fail to deliver on it. Texas A&M has reached double-digit wins just once this century (the Johnny Football year in 2012). And yet, FPI is giving them the benefit of doubt again as the No. 8-ranked team. Mike Elko is a terrific coach and the Aggies, as always, have talent, including intriguing dual-threat sophomore quarterback Marcel Reed. But the Aggies ranked 51st last year in offensive EPA and 47th in defensive EPA. That hardly screams top 10 team. What’s really there to suggest the Aggies will be any different than what they’ve been?

Connelly: We can’t say for sure that FPI is overvaluing Texas because if Arch Manning lives up to his hype, the Longhorns really might be the best team in the country. However, if he’s merely very good instead of great, then holes elsewhere might become problematic. This is, after all, a team that lost four offensive line starters, its top four defensive linemen and two of the best DBs in the country in Jahdae Barron and Andrew Mukuba. Steve Sarkisian has obviously recruited well, the replacements for those lost linemen could be excellent, and Texas will be very good regardless. But they’re only No. 1 if Arch is an All-American. No pressure.

Uggetti: I’m having a hard time with Miami all the way up at No. 9. I can see the case for it: They have a solid core of players returning throughout the roster and head coach Mario Cristobal and his staff were transfer portal merchants this offseason, bringing in several offensive weapons such as wideouts CJ Daniels (LSU), Keelan Marion (BYU) and Tony Johnson (Cincinnati) as well as some much needed help in the secondary via cornerback Xavier Lucas (Wisconsin) and safety Zechariah Poyser (Jacksonville State). Of course, the crux of the hype surrounding the Hurricanes hinges on their biggest portal addition, quarterback Carson Beck. After losing Cameron Ward to the draft, Cristobal & Co. are banking on Beck (who is coming off surgery for a torn UCL in his right elbow) to be the guy who was supposed to lead Georgia to a national title. Count me among the skeptics.

Schlabach: Given what transpired at Tennessee in the spring, I’m not sure the Volunteers are a top-25 team heading into the season, let alone one that should be ranked No. 10. I didn’t have the Volunteers ranked in my latest Way-Too-Early Top 25. I could see the Vols going one of two ways after quarterback Nico Iamaleava up and left for UCLA following an NIL dispute: The Vols are going to be better off with quarterback Joey Aguilar and his teammates will rally around him, or Augilar’s leap from Appalachian State to the SEC is too high. The Vols were already facing an uphill climb on offense, in my opinion, after SEC leading rusher Dylan Sampson departed, along with three of the team’s top receivers.

Which power conference team outside the FPI top 25 can make a run?

Trotter: Texas Tech landed the nation’s top transfer portal class, beefing up the trenches on both sides of the ball to a team that went 8-5 last season. With 24 career starts behind him, quarterback Behren Morton should be even better after throwing for 3,335 yards and 27 touchdowns last year. If the portal additions playing up front defensively, combined with the arrival of new defensive coordinator Shiel Wood, can bolster a unit that ranked just 108th in EPA last year, the Red Raiders could threaten for a conference title and playoff berth in what figures to be another wide-open Big 12.

Connelly: I would say that half the Big 12 is capable of playing at a top-15 or top-20 level and making a conference title (and, therefore, CFP) run, but I’m particularly intrigued by the duo of No. 32 TCU and No. 33 Baylor. They both won six of their last seven to end the season, and they both return stellar quarterbacks in Josh Hoover (TCU) and Sawyer Robertson (Baylor). I feel like I trust TCU’s returning personnel more, but Baylor’s Dave Aranda was extremely active in the transfer portal, too. The Revivalry — hey, it’s a better name than Bluebonnet Battle — is on October 18, and the winner will probably head into November as a serious Big 12 contender.

Uggetti: Washington (No. 27) had a disappointing 6-7 season in its first year in the Big 12 under new coach Jedd Fisch. The Huskies finished ninth in the conference and seem to have quietly stumbled into the shadow of their more successful Pacific Northwest neighbor, Oregon. But Fisch, like he showed at Arizona, can build a successful team over time. Washington brought in a top-25 recruiting class this past year and added some much-needed defensive reinforcements in the portal. Snagging four-star wide receiver Johntay Cook II from Texas will be a boon for expected starting quarterback Demond Williams Jr. who, after showing some flashes last season, could be primed for a breakout.

Which team’s odd ranking will be proven correct by the end of the season?

Schlabach: There’s a smorgasbord of “odd” rankings to select from. I think you can argue that No. 8 Texas A&M, No. 14 Auburn, No. 16 Oklahoma and No. 19 USC are probably ranked too high, and No. 12 LSU, No. 29 BYU, No. 31 Indiana and No. 35 Texas Tech are too low. LSU might have the SEC’s best quarterback in Garrett Nussmeier, and coach Brian Kelly struck gold in the transfer portal, landing defensive ends Patrick Payton (Florida State) and Jack Pyburn (Florida), receivers Nic Anderson (Oklahoma) and Barion Brown (Kentucky), offensive linemen Braelin Moore (Virginia Tech) and Josh Thompson (Northwestern) and cornerback Mansoor Delane (Virginia Tech). But LSU’s schedule is difficult, with road games at Clemson, Ole Miss, Alabama and Oklahoma, and I’m not sure they’ll be better than 9-3, which would put them right about No. 12.

Uggetti: I’ll take one of the teams Mark mentioned and focus on USC. At first glance, I was also surprised that FPI has them all the way up to No. 19 given the Trojans are coming off a disappointing 7-6 debut season in the Big 10. But the Trojans have made several strides this offseason, not just as a program by hiring general manager Chad Bowden from USC, but also as a team to put themselves in position to surprise in 2025. The defense continues to use the portal to add key talent such as defensive tackles Jamaal Jarrett (Georgia) and Keeshawn Silver (Kentucky). The most exciting player on the team, however, may be incoming freshman defensive lineman Jahkeem Stewart, who is likely to make an impact right away. A lot of the Trojans’ hopes this season are riding on quarterback Jayden Maiava and how he fares in his first full season as a starter. He finished with 1,201 yards and 11 touchdowns last season and a second year in Lincoln Riley’s offense should serve him well. USC’s schedule starts off slow, but the true test of the Trojans’ potential will be on the back end when they face a stretch of Illinois, Michigan and Notre Dame before finishing the season with Oregon, Iowa and UCLA.