The 1938 SMU Mustangs football team was an American football team that represented Southern Methodist University (SMU) as a member of the Southwest Conference (SWC) during the 1938 college football season. In their fourth season under head coach Matty Bell, the Mustangs compiled a 6–4 record (4–2 against conference opponents) and outscored opponents by a total of 148 to 125. The team played its home games at Ownby Stadium in University Park, Texas, and the Cotton Bowl in Dallas.
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