Spherical harmonic degree 2 gravitational variations ΔC21, ΔS21, and ΔC20 are estimated from accurately measured Earth rotational changes and compared with predictions from atmospheric, oceanic, and hydrological models. Earth rotation-derived changes agree very well with model predictions over a broad frequency band, and particularly well at intraseasonal and seasonal time scales. The agreement is significantly better compared to previous studies, due mainly to improved oceanic and hydrological models. An independent determination of degree 2 changes serves as an important constraint for satellite-based estimates such as those of the Gravity Recovery and Climate Experiment (GRACE) mission.