In 1915, Colgate recorded its 100th victory with a win over Army and also beat Yale on their way to a 5–1 finish. The following season, they compiled an 8–1 record, with the lone loss coming against Yale, 7–3. For the 1916 season, Parke H. Davis named Colgate as the national co-champions.
During the Great Depression, there was a proliferation of postseason benefit games to raise money for the unemployed. On December 6, 1930, Colgate traveled to New York City's Yankee Stadium to play New York University (NYU) in one of these games and won, 7–0. In 1932, Colgate finished undefeated, untied, and unscored upon with a 9–0 record. They outscored their opponents, 234 points to 0. Parke H. Davis named the Red Raiders the national champions. They did not, however, receive an invitation to the 1933 Rose Bowl, and as such, have been referred to as "undefeated, untied, unscored upon, and uninvited." The team was considered as a candidate to play in the first Sugar Bowl in January 1935 but the honor went to Temple University.
In 1982, Colgate football was relegated from the Division I-A to Division I-AA (now FCS) level. Since then, the team has advanced to the playoffs numerous times. In 2003, Colgate advanced to the Division I FCS final, becoming the first and only Patriot League team to ever do so. There, the Raiders lost to Delaware, 40-0. Two Raiders have received the Walter Payton Award for most outstanding player in Division I-AA: Kenny Gamble in 1987 and Jamaal Branch in 2003.