2022 New Mexico Bowl

The Mustangs, representing the American Athletic Conference, began Rhett Lashlee's first season as head coach with a rivalry game matchup at North Texas, which they won convincingly, 48–10.[10] Their home opener was against FCS Lamar, which also resulted in a solid win for the Mustangs.[11] Their final two non-conference games came against Power Five teams, with a road game at Maryland and a home game against TCU, both of which ended in losses for SMU.[12][13] They opened AAC conference play with a Wednesday night away game at UCF, delayed from the prior Saturday by Hurricane Ian.[14] The Mustangs fell to the Knights after allowing 31 unanswered points but recovered the next week for a home win against Navy to win the Gansz Trophy.[15] SMU dropped their homecoming game the next week to Cincinnati by a margin of two points,[16] but again rebounded well, with three straight conference victories to put them at 6–4 and eligible for a bowl game. The first was a road contest at Tulsa,[17] followed by a record-breaking game against Houston which SMU won, 77–63.[18] Their sixth win of the season and third in a row was an away game against South Florida.[19] The Mustangs' final two games resulted in one loss and one win: the loss came first, at No. 21 Tulane by five touchdowns,[20] and a three-point win against Memphis concluded the regular season.[21] SMU accepted their bowl bid on December 4 and will enter the game with an overall record of 7–5 with a conference mark of 5–3.[22]

The Mustangs will be without wide receiver Rashee Rice and offensive lineman Jaylon Thomas, who are out with toe and shoulder injuries, respectively, and began NFL Draft preparations following the conclusion of the regular season.[23]

The seventh season of the Kalani Sitake era at BYU began with a road matchup across the country, as the No. 25 Cougars traveled to face South Florida, and won by 29 points.[24] They vaulted into the top 15 following an double overtime upset win over No. 9 Baylor in their home opener,[25] but fell the following week in a road game at No. 25 Oregon by three touchdowns.[26] They finished September with a pair of home contests against Mountain West Conference opponents, as the Cougars topped Wyoming by 13 points[27] before taking down rivals Utah State by 12 points.[28] Ranked sixteenth, BYU's next game was a neutral-site contest played at Allegiant Stadium against Notre Dame as part of their Shamrock Series, which BYU lost by eight points.[29] This marked the start of a four-game losing streak for BYU as the Cougars dropped each of their next three games. First was their homecoming game against Arkansas,[30] followed by a road game at Liberty,[31] and finally a home game against East Carolina.[32] Now 4–5, the Cougars turned the tides and finished the regular season with three consecutive victories, first against Boise State on the road by a field goal.[33] After a bye week, the Cougars defeated FCS Utah Tech[34] before rounding out their regular season with a nine-point win over Stanford.[35] The Cougars accepted their bowl bid on December 4, and will enter the game with a 7–5 record.[22]

This will be BYU's final game as an FBS independent, as the Cougars are set to join the Big 12 Conference in 2023.[36]

After suffering an ankle injury against Stanford, quarterback Jaren Hall had limited participation in practices leading up to the game but his participation in the bowl has not been ruled out.[37] The Cougars will be without linebacker Keenan Pili, who entered the NCAA transfer portal prior to the game, in addition to other players.[37]