Boston College won its first 8 games of the season, climbing to #1 in the AP Poll. All the Eagles needed to do to secure its second national championship in three years, and first ever AP title, was to beat rival Holy Cross (4–4–1) in the final game of the regular season. The result, however, was a stunning rout loss, 12–55. The Eagles team cancelled their planned post-game celebration at the Cocoanut Grove nightclub in Boston, which inadvertently saved the team from perishing along with 492 others in the Cocoanut Grove fire that occurred that night.
Team co-captain and fullback Mike Holovak was the undisputed star of the team, earning consensus All-America honors and finishing fourth in Heisman Trophy voting. He finished his career as Boston College's all-time leading rusher, with 2,011 yards and 23 touchdowns. Holovak returned to coach the Eagles from 1951 to 1959.
The Eagles received an invitation to play in the Orange Bowl on New Years Day, where they lost to Alabama, 21–37.