| 2004 Qualifications Lap 3 Times | ||
| Team Name | Lap 3 Time | Lap 3 Rider |
| Phi Gamma Delta | 36 | Charlie Crouse |
| Phi Kappa Psi | 36.576 | Eric Stewart |
| Delta Upsilon | 36.904 | Justin Purdy |
| Army | 37 | Andy Higgins |
| Kimball | 37 | John Cosgrove |
| Sigma Chi | 37 | Jon Garman |
| Delta Tau Delta | 37 | Daniel Heidenreich |
| Alpha Tau Omega | 37 | Brian Laiderman |
| Cutters | 37 | David Caughlin |
| Briscoe | 37.047 | Mike Carey |
| Acacia | 37.227 | Robert Allen |
| Dodds House | 37.525 | Craig Luekens |
| ACR Cycling | 37.774 | Eric Derheimer |
| Phi Delta Theta | 37.937 | Jonathan Hoffmann |
| Sigma Nu | 38 | Eric Graebe |
| Delta Sigma Pi (M) | 38 | Kelly Cantwell |
| Team Major Taylor | 38 | Julio German |
| Achtung | 38.188 | Marc Lodyga |
| Forest | 38.458 | Justin Peterson |
| Collins | 38.626 | Dan McDowell |
| Sigma Pi | 38.761 | Kyle Christie |
| Teter | 38.868 | Kyle Cowden |
| Wright Cycling | 38.953 | Tyler Christman |
| Sincere Cycling | 39 | Spencer Kruse |
| Foster International | 39.189 | Zach Doboze |
| Zeta Beta Tau | 39.465 | Adam Raskin |
| IU Soccer | 40 | John Michael Hayden |
| Willkie Cycling | 40 | Philip Aylesworth |
| Phi Kappa Sigma | 40.851 | Matt Brown |
| Sigma Alpha Mu | 41 | Moshe Siegel |
| Fratello | 41 | Mark Groner |
| Lambda Chi Alpha | 41.618 | Peter Corsaro |
| ALTA-Ashton | 41.767 | Kunal Thakrar |
| Chi Phi | 42 | Christopher Phillips |
| Evans Scholars | 42 | Mark Gromski |