Indiana's first game of the 2020 season took place at Memorial Stadium on October 24, 2020, against the No. 8 Penn State Nittany Lions. The Hoosiers defeated Penn State 36–35 in overtime. The Hoosiers were awarded a ranking of No. 17 following the victory. Indiana's next two games included a 37–21 victory over the Rutgers Scarlet Knights and a 38–21 victory over the No. 23 Michigan Wolverines, their first victory over them in 33 years. Following the win versus the Wolverines, the Hoosiers were ranked tenth in both the AP and coaches poll, their highest rankings since 1969 and 1992. Following the culmination of the regular season, the Hoosiers would be invited to the Outback Bowl, where they would lose by six points to Ole Miss, 26–20.