The following year, Klatt earned the starting position at QB and went on to set 19 school records and tied one. He earned all-Big 12 honors and Colorado's John Mack Award (CU's Offensive Player of the Year). He was 233–358 for 2,614 yards and 21 touchdowns. In Klatt's first game as starting QB, he was National Player of the Week by The Sporting News, SI.com, collegefootballnews.com, and Big 12 Conference Offensive Player of the Week in Colorado's first game of the season. He went 21–34 for 402 yards and 4 touchdowns winning the game with a 6-play, 75-yard drive with 40 seconds left in the game. He suffered a sprained shoulder injury during the Washington State game causing him to miss two starts against Florida State and Baylor. He returned from the injury with a record setting game against Kansas going 38–54 with 419 yards. His two 400-yard throwing games ranked 4th and 5th most passing yards in a game by a walk-on (or former walk-on) in NCAA Division I history prior to the 2005–06 season.