The Buffaloes (10-2, 8-1) became one of the first Power-5 teams to go from worst to first in back-to-back years.
They will play the Huskies (11-1, 8-1) who defeated Washington State 45-17 Friday in the annual Apple Cup in Pullman, Wash.
Washington holds the all-time edge over Colorado in their series 9-5-1. The last game was in 2104, a 38-23 win for the Huskies.
If the Huskies win the Pac-12 title game, they will be a near-lock for the College Football Playoffs, which has them currently at No. 5, but No. 3 Michigan lost to No. 2 Ohio State in double-overtime Saturday, so everyone should move up a spot. That happened this past week, when then-No. 5 Louisville lost at Houston, and the Huskies moved to 5 from No. 6.
With UW in the playoff, that would put Colorado in the Rose Bowl and USC in the Alamo Bowl.
If Colorado wins Friday, they would most likely go to the Rose Bowl if they were kept out of a playoff scenario. Washington would then probably drop to the Cotton Bowl and USC would still go to the Alamo Bowl.