Arnold played only two seasons with the Bulldogs after transferring from Indiana University, but they were two of the most electrifying campaigns in Butler football history. He was a two-time All-American and set 18 NCAA Division I-AA game, season and career football records.
The bruising tailback led the nation in rushing with a school- and NCAA-record 2,255 yards in 1994, and he finished fourth in Division I-AA in rushing in 1995 with 1,558 yards. He set an NCAA record by rushing for more than 200 yards in eight consecutive games in 1994, and he finished with 10 career 200-yard rushing performances. He even rushed for 203 yards in one half against Valparaiso. He led the Pioneer Football League in rushing for two straight years, was named PFL Offensive Player of the Week eight times and was selected national Player of the Week six times.
At the end of his final season with the Bulldogs, Arnold ranked third on the Division I single-season rushing chart behind Barry Sanders of Oklahoma State and Marcus Allen of Southern California.