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| Year | Champion (Record) | Coach | Score | Runner-up | Attendance |
| 2007 | Appalachian St. (13-2) | Jerry Moore | 49-21 | Delaware | 23,010 |
| 2006 | Appalachian St. (14-1) | Jerry Moore | 28-17 | Massachusetts | 22,808 |
| 2005 | Appalachian St. (12-3) | Jerry Moore | 21-16 | N. Iowa | 20,236 |
| 2004 | James Madison (13-2) | Mickey Matthrews | 31-21 | Montana | 16,771 |
| 2003 | Delaware (15-1) | K.C. Keeler | 40-0 | Colgate | 14,281 |
| 2002 | Western Kentucky (12-3) | Jack Harbaugh | 34-14 | McNeese State | 12,360 |
| 2001 | Montana (15-1) | Joe Glenn | 13-6 | Furman | 18,196 |
| 2000 | Georgia Southern (13-2) | Paul Johnson | 27-25 | Montana | 17,156 |
| 1999 | Georgia Southern (13-2) | Paul Johnson | 59-24 | Youngstown St. | 20,052 |
| 1998 | Massachusetts (12-3) | Mark Whipple | 55-43 | Georgia Southern | 17,501 |
| 1997 | Youngstown St. (13-2) | Jim Tressel | 10-9 | McNeese St. | 14,771 |
| 1996 | Marshall (15-0) | Bob Pruett | 49-29 | Montana | 30,052 |
| 1995 | Montana (13-2) | Don Read | 22-20 | Marshall | 32,106 |
| 1994 | Youngstown St. (14-0-1) | Jim Tressel | 28-14 | Boise St. | 27,674 |
| 1993 | Youngstown St. (13-2) | Jim Tressel | 17-5 | Marshall | 29,218 |
| 1992 | Marshall (12-3) | Jim Donnan | 31-28 | Youngstown St. | 31,304 |
| 1991 | Youngstown St. (12-3) | Jim Tressel | 25-17 | Marshall | 12,667 |
| 1990 | Ga. Southern (12-3) | Tim Stowers | 36-13 | Nevada | 23,204 |
| 1989 | Ga. Southern (15-0) | Erk Russell | 37-34 | Stephen F. Austin* | 25,725 |
| 1988 | Furman (13-2) | Jimmy Satterfield | 17-12 | Ga. Southern | 11,500 |
| 1987 | Northeast La. (13-2) | Pat Collins | 43-42 | Marshall | 11,513 |
| 1986 | Ga. Southern (13-2) | Erk Russell | 48-21 | Arkansas St. | 4,419 |
| 1985 | Ga. Southern (13-2) | Erk Russell | 44-42 | Furman | 5,306 |
| 1984 | Montana St. (12-2) | Dave Arnold | 19-6 | Louisiana Tech | 9,125 |
| 1983 | Southern Ill. (13-1) | Rey Dempsey | 43-7 | Western Caro. | 15,950 |
| 1982 | Eastern Ky. (13-0) | Roy Kidd | 17-14 | Delaware | 11,257 |
| 1981 | Idaho St. (12-1) | Dave Kragthorpe | 34-23 | Eastern Ky. | 11,003 |
| 1980 | Boise St. (10-3) | Jim Criner | 31-29 | Eastern Ky. | 8,751 |
| 1979 | Eastern Ky. (11-2) | Roy Kidd | 30-7 | Lehigh | 5,200 |
| 1978 | Florida A&M (12-1) | Rudy Hubbard | 35-28 | Massachusetts | 13,604 |
