Yeah, that and Arizona State is a beast in the game (I mean, heck, they made it to the 1997 Rose Bowl, so they SHOULD be!)
There are some specific long-term challenges I know will come into play:
#1. College football has expanded. In 1995, EA released College Football USA '96 (Genesis only), which had 108 teams. BWCF '95 had 36. In the offseason after 1995, four teams jumped to Division I-A and one (University of the Pacific) dropped football altogether, and College Football USA '97 has 111 teams and a partially-defined 112th filler team. By comparison, the 2015 season has 128 teams in FBS, and given the fact that this is kinda being born out of Reddit, UAB will likely be unlockable or something similar, so that's 129. (That will require a 130th team which will either be Pacific '95, if all its assets are intact, or North Dakota State.) This will likely be the first college football game to feature the University of North Carolina at Charlotte as an FBS team!
#2. The graphics format is a mystery. The player data I seem to have figured out for the most part, as its ratings and even the weight of all the players are defined by just one hex number. Believe it or not "25 3D B7 92 73" is a complete identifier for a player — in this case, a wide receiver on Ole Miss.
#3. While it looks like one or two people will be helping in this, there is also stuff we don't know. This game has the material for a hidden sound test, though disassembly help would be needed to figure out its button shortcuts.
So far, this project doesn't even have a proper name yet. But I can share a screenshot of the first text editing that has been done... (In the original this reads "Northeast LA." with the period at the end. NLU became ULM in 1999 and also is no longer the Indians.)