Indiana defensive back Jamari Sharpe ended the game after picking off Miami quarterback Carson Beck with 44 seconds left to seal the deal.
Indiana quarterback Fernando Mendoza would cap off his Heisman-winning season by throwing for 186 yards on 16-of-27 passing with a clutch rushing touchdown.
His clutch fourth-quarter touchdown run was what led the Hoosiers to their first-ever championship and one of the greatest seasons in college football history.
Beck finished the game with 232 passing yards and one touchdown with the game-ending interception on 19-of-32 passing.
Full game recap + highlights
First half
Indiana's defence set a new College Football Playoffs Championship game record after they held Miami to just 69 total yards of offence.
After forcing Miami to punt on the first drive after five plays, Indiana would force three more punts on three-straight three-and-outs.
Indiana got on the board first with a 34-yard field goal from kicker Nico Radicic to cap off a 14-play, 55-yard drive.
The Hoosiers would score the only touchdown of the first half in the second quarter after tight end/fullback Riley Nowakowski punched in a one-yard touchdown to cap off a 14-play, 85-yard drive.
Indiana's defence would continue to dominate in the first half. They only allowed three total first downs, while recording three pass deflections on tight man coverage, one tackle for loss, and one sack.
Miami running back Mark Fletcherz Jr., who averaged over 4.5 yards per carry in both of Miami's playoff games, was held to just 2.9 after rushing for just 26 yards on nine carries.
Miami would have a chance to get on the scoreboard for the first time in the entire half to cut it to a one-score game.
But kicker Carter Davis doinked a 50-yarder as Indiana held them scoreless before heading into the lockerroom.
Second half
Despite a bad first half, Fletcher would break out in the second.
On Miami's first drive of the second half, Fletcher broke free for a 57-yard touchdown - the second-longest touchdown run in CFP Championship history.
But Indiana wouldn't be denied, even on special teams.
Backed deep into their own zone, Miami would have their sixth punt of the game blocked for a touchdown to put Indiana up 17-7.
Miami, originally 0-for-8 on third down, wouldn't get their first conversion until less than three minutes to go in the third quarter.
They would cap off that same 10-play, 81-yard drive with a three-yard touchdown run to cut the lead to 17-14 right at the start of the fourth.
Indiana's Charlie Becker would keep the ensuing drive alive after making a ridiculous 19-yard catch behind the shoulder along the sideline.
On a 4th-and-5 on the Miami 13-yard line, Indiana head coach Curt Cignetti called a design run for Mendoza, who not only picked up the first down, but bumped and grinded his way into the endzone to put the Hoosiers up 24-14 with 9:18 to go - proving to everyone why he won the Heisman Trophy.
After Indiana had Miami trapped on a 3rd-and-15 the next drive, Beck would find Alex Bauman for a 22-yard pass, his first reception of the game, then Malachi Toney for a 41-yard pass to get down to the other end of the field.
Beck would find Toney after an incompletion for a 22-yard touchdown to cut the lead to 24-21 with 6:32 left in the game.
On a clutch 3rd-and-7, Mendoza found Becker, yet again, down the sideline for another back-shoulder throw.
This one went for 19 yards to keep their drive alive. Running back Roman Hemby would pick up a first down right after with a 10-yard run as the game hit the two-minute warning.
Hemby would keep it rolling with a nine-yard game right after that forced Miami to take their first timeout with 1:56 left.
But after a false start penalty, Indiana couldn't keep the first downs rolling. But Radicic would hit his second field goal, this time from 35 yards, to make it 27-21 with 1:42 left.
Indiana would be called for a roughing the passer, giving Miami 15 yards after Beck threw an incompletion with 1:32 left. Beck would hit CharMar Brown for a first down, followed by another to CJ Daniels two passes later, before Cignetti called Indiana's last timeout with 48 seconds left.
But Beck would throw an interception to Jamari Sharpe with 44 seconds left to end the game.