Ferguson, a fifth-year senior who entered Saturday's Hawai'i Bowl with 42.5 career sacks, needed 1.5 sacks to match Suggs' record. He finished the game with 2.5, getting his record-breaking 45th sack when he dropped Hawai'i quarterback Chevan Cordeiro for a 2-yard loss late in the third quarter.
The Bulldogs went on to defeat the Rainbow Warriors 31-14.
Ferguson, who finished the season with 17.5 sacks, is No. 19 on ESPN NFL draft insider Mel Kiper's latest Big Board for the 2019 draft.
The NCAA began tracking sacks as an official statistic in 2000.
The Associated Press contributed to this report.