Averaging six catches per game this season, Woods is on pace to break the record this Saturday, at home against Colorado.
"It would mean a lot to me," Woods said Tuesday. "But I never came into USC saying I'm gonna break this record or break that record. I came to USC wanting to play receiver and catch passes.
"Fortunately, I've been catching a lot of passes."
Jarrett set the record of 216 catches in just three seasons. If Woods, a junior, were to stay for his senior season in 2013, he'd have the opportunity to obliterate any mark he goes on to set this year.
He entered the 2012 season tied for sixth all-time with Mike Williams at 176 receptions. Woods then surpassed Steve Smith (190), Johnnie Morton (201) and Kareem Kelly (204) over the first few weeks of the season, and he tied Keary Colbert's second-place mark of 207 earlier this month against Utah.
He said he recently has spoken to Colbert and other ex-USC receivers about what the record would mean.
"Growing up and watching those guys and seeing how they played, I looked up to them, in awe watching them play," Woods said. "Then to be on top of them now with the record, it's surprising.
"Well, not surprising. I knew I could do it. But it's a shock still."
Interestingly, Woods' career trajectory has followed Jarrett's thus far. He caught 65 passes as a freshman to Jarrett's 55, then jumped up to 111 as a sophomore. Jarrett had 91 catches in his second season and then 70 in his final year.
Woods is on pace to finish the 2012 regular season with 72 catches for 720 yards and 10 touchdowns.
He already owns the school record for receptions in a single game, with 17 in the 2011 season opener, and in a single season, with that 111 mark last season.