Graves' best season in coaching was his last. His 1969 Gators posted a 9–1–1 record, upset the Tennessee Volunteers, 14–13, in the Gator Bowl, and were ranked fourteenth in the final AP Poll. After achieving an all-time win-loss record at Florida of 70–31–4 (.686) and four final top-twenty poll rankings (1960, 1965, 1966, 1969), Graves stepped down to make room for former Gators quarterback Doug Dickey to return to his alma mater as the new head coach of the 1970 Gators. Graves remained the winningest coach in Gators football history until his former quarterback, Steve Spurrier, surpassed him in 1996.