22 and 4 is better than 37 and 11. 64.5% is better than 60.3%. The difference in his yards/attempt was negligible.
Are you arguing that Manning had better receivers and faced worse defenses in 1995 than in 1997? That is laughable. On top of that, Manning had as talented, if not more talented, running backs to hand the ball to in 1997 than in 1995.
37 is better than 22, by quite a lot. 3819 yards is quite a bit more than 2954 years. Point in fact, Manning's college QB rating was higher in 1997 than it was in 1995, though slightly. Also, Kent & Nash weren't a lot different than Nash & Copeland, except Kent ('95, not '97) was better.
And, to say the schedule was the same shows ignorance of the schedule. In '97, Manning faced 7 top-30 secondaries, including 5 teams (4 away from home) who would finish in the top-10 in various power ratings that season (UCLA, Florida, Nebraska, Auburn & Georgia). Two more would have top-20 finishes in various power ratings for the year (Southern Miss & Ole Miss). The defenses were coached by guys named Stoops, Tuberville, Widenhofer, Bower, McBride, all some of the best and most creative in the game, with talent-laden secondaries on their rosters. And an eighth would have one of the best pass defenses in the game coached by a long-time NFL defensive coordinator (Vandy).
Just take Vandy -- do you know many of their pass defense players ended up drafted or in the league? Try all of the following -- LB Antony Jordan, LB Jamie Duncan, DB Corey Chavous, DB Fred Vinson and DB Ainsley Battles.
In 1995, we only faced two teams that would end up in the top-20 in most polls or power ratings (Florida & Ohio State), not 7. Additionally, Florida's defense was a different animal under Stoops than it was in 1995. It definitely didn't have a defensive schedule like 1997 below...
Defensive Rank
Georgia - 11th
Nebraska - 12th
Florida - 13th
Southern Miss - 17th
Vandy - 21st
Auburn - 24th
Ole Miss - 30th
UCLA - 34th