No they don't. Not in my opinion anyway. Its not crucial at all that " to have a great college football rivalry, both teams have to have top 25 programs". Navy- Army has one of the best college football rivalries in all of college football, and its rare these days now for either one of them to finish the season in the top 25, let alone " both teams ". Harvard- Yale is a great college football rivalry, and neither has finished in the top 25 since anyone here on this forum has been alive. Mississippi- Mississippi State is a great college football rivalry, and its rare for either of them to finish in the top 25 these days now. BYU- Utah has had a great annual college football rivalry for many decades, and there has never been a season when " both teams " were top 25. We could name other such rivalry games as well, where neither team was a " top 25 " football program most seasons. There are a few fundamental things that are required to have a great college football rivalry, but " both teams must be top 25 college football programs " is not one of them, imo.