The Trojans currently have 11 National Championships, is among the top in the country's win percentage (70%) as well as the total all-time number of wins (732) in 2005.

USC football teams, which have suffered only three losing seasons since 1961, have captured 35 Pac-10 titles – the fourth-most conference championships of any school, and more than twice as many as any other Pac-10 member. USC has also made 44 appearances in bowl games, placing them fourth nationally, and have won 28 bowls, behind only Alabama's 30. USC's 21 victories and 30 appearances in the Rose Bowl are both easily the most of any school in a single bowl (much of this has to do with the Rose Bowl's policy, until the BCS years, of always having a Pac-10 or other Pacific Coast school in the game). Individual players have also won numerous accolades, with seven winning the Heisman Trophy (tying USC with Notre Dame for the most recipients), 28 earning induction to the College Football Hall of Fame, and over 130 receiving All-American honors.

USC has had 65 first-round NFL Draft picks through 2005, more than any other team. As of a 1999 article in The San Diego Union-Tribune, USC had the most Pro Bowl selections with 162, overshadowing Notre Dame's 135. A Trojan has played in all but two Super Bowls through 2006.

The 2006 Trojans came out strong, easily defending their top-10 status throughout the year. However, USC began to display marked inconsistencies, as their margins of victory began to slip. The first setback proved to be a 35-33 loss to unranked Oregon State, in which the Beavers were able to repeatedly capitalize on several Trojan turnovers. Surprisingly, though USC dropped initially in the polls, they worked their way back up to the No. 3 spot by the final week of the season. After defeating both Notre Dame and Cal, the Trojans were considered to be a virtual lock for the National Championship Game against Ohio State. However, USC was shocked in the final game of the season, losing to crosstown rival UCLA 13-9. This eliminated the Trojans from championship contention and opened the door for Florida to become Ohio State's opponent.

During Pete Carroll's six years as head coach, USC has lost only one game by more than seven points, that being a 27-16 loss at Notre Dame in his first season. The 21st century has also seen the rise of USC football's popularity in the Los Angeles market: without any stadium expansions, USC has broken its average home attendance record four times in a row: reaching 77,804 in 2003, 85,229 in 2004, 90,812 in 2005 and over 91,416 with one game to go in 2006 (the capacity of the Coliseum is 92,000).

On January 6, 2007, 6 days after the 2007 Rose Bowl Game, USC kicker Mario Danelo was found dead at the bottom of the White Point Cliff near Point Fermin Lighthouse in San Pedro, California.

For 2007 recruiting, USC has continued its tradition of recruting talent, and was able to acquire ranked running back Joe McKnight, who some sports writers beilive was the best high school player in the country.

USC has been named the presumptive pre-season #1 team for the 2007 season by major media sources