The 1970s gas crunch and government regulations neutered many former pony cars, the Pontiac Firebird being one of them. Though it was considered one of only two remaining performance cars on the market (along with the Corvette), incrased engine detuning meant the 1974 Firebird was more of a performance car in appearance, rather than behavior.
The 1974 Firebird, like all American cars, had to get new federally-compliant rubber bumpers, replacing the invisible body-colored Endura ones. It made the overall profile clunkier, though not severely so. The rear spoiler was moved down and was now more for show than function. The V8 engine choices continued to lose power. The 350 V8 in the Esprit or Formula was still 150-hp, but the 400 was now down to 225-hp. The fact that the top-of-the-line 455 was now only 250-hp tells you all you need to know about the fall of the muscle cars. And it was only offered with an auto tran. The racing SD-455 lost a few horsepower as well, down to 290, but gained some torque, so it still handled like a zippy sports car. The Trans Am was the only trim that could be matched with either the 400, 455, or SD-455.
Further proof of a changing era was that 1974 would be the last year for the heavy-duty Hydramatic auto tran and 4-speed manual transmission, as these were now unnecessary and mismatched for the depowered engines. The SD engine would also disappear after this year. The only constant would be the Screaming Chicken decal. It was a popular option on the Trans Am. A smaller logo in between the split grille was standard on all 1974 Firebirds. The car parked outside Jim Rockford's beach trailer was beginning to symbolize suave coolness, and its continued appearance in film and TV shows helped solidify its legendary stature.