| 2004 Qualifications Lap 2 Times | ||
| Team Name | Lap 2 Time | Lap 2 Rider |
| Sigma Nu | 35 | Matthew Ryan |
| Team Major Taylor | 36 | Kenny Burgess |
| Briscoe | 36.285 | Jared Hoff |
| Phi Delta Theta | 36.354 | Tyler Burns |
| ACR Cycling | 36.829 | Chapman T Blackwell IV |
| Sigma Chi | 37 | Bryan Morton |
| Alpha Tau Omega | 37 | Tom Meersman |
| Forest | 37.012 | Sean Imboden |
| Phi Kappa Psi | 37.46 | Eric Styacich |
| Acacia | 37.698 | Ryan Brown |
| Dodds House | 37.885 | Justin Torrellas |
| Kimball | 38 | Nicholas Rossana |
| Sincere Cycling | 38 | Justin Butler |
| Phi Gamma Delta | 38 | Joseph Keck |
| Army | 38 | Christopher Beck |
| Willkie Cycling | 38 | James Pechie |
| Sigma Pi | 38.097 | Nick Haskamp |
| Delta Upsilon | 38.487 | Jason Christopher Purdy |
| Achtung | 38.528 | Dane Crowder |
| Zeta Beta Tau | 38.791 | Douglas Berger |
| Cutters | 39 | Russell VanderGenugten |
| Chi Phi | 39 | Reginald Hayes |
| IU Soccer | 39 | Pat Yates |
| Teter | 39.474 | Jon Pryor |
| Collins | 39.664 | Rob Weber |
| Evans Scholars | 40 | Ryan Dill |
| Delta Sigma Pi (M) | 40 | Aaron Ingram |
| Phi Kappa Sigma | 40.115 | Austin Crum |
| Lambda Chi Alpha | 40.602 | Karl Kuglin |
| ALTA-Ashton | 40.641 | Joshua Lang |
| Wright Cycling | 42.818 | Peter Schlifke |
| Delta Tau Delta | 43 | Mark Wilson |
| Foster International | 43.851 | Colin Stahl |
| Sigma Alpha Mu | 44 | Neil Solomon |
| Fratello | 44 | John Walter |