The Indiana Mustangs finished the 2003 MCFL regular season with a 6 - 3 record, tied for third place with the Michigan Twisters. The Mustangs won their first- round MCFL playoff game but were defeated in the semi-final round by the Cleveland Lions. The Mustangs went onto compete in the Mid-States Tournament losing the Championship Game to Rivertown Rams. The Mustangs finished 2003 with an overall won-lost record of 12 - 7, and the first time the Mustangs won more than ten games since 1996. The other team highlight for this year's Mustangs was the fact that they were the only team to defeat the league champion Detroit Seminoles in 2003.

The Mustangs were founded in 1991, and the team has enjoyed a successful history in the MCFL. In 1993, the Mustangs were the runner-up team in the MCFL Championship played in Canton, OH. Subsequently, the Mustangs next three years were their most successful as they had three consecutive seasons of 10+ wins including an undefeated season in 1995 which included a big win over the eventual league and National Champion that year, Racine Raiders. The Mustangs were also ranked #1 nationally by the AFA for approximately four weeks that same year. Unfortunately, the Mustangs have been unable to achieve their goal of winning the coveted League Championship. The Mustangs are definitely a highly competitive team in the MCFL, and with a couple of key additions to the roster and a little luck, the Mustangs are hoping to be competing for the league championship in 2004.