If a compact Lie group G acts on a smooth manifold M with a co-dimension one orbit, then the action is said to be cohomogeneity one. Suppose M is a closed simply connected manifold, even dimensional, and has rational cohomology ring generated by a single element. If, in addition, M supports a cohomogeneity one action, then what can be said about M, G, and the action? We completely classify the possibilities, showing that M must be diffeomorphic to a compact rank one symmetric space, a real Grassmannian of two-planes in R^{2k+1}, or to the rank two symmetric space G_2 / SO(4). Moreover, in the first two cases, the G action is equivalent to a linear action (and the action has been previously classified), and when M is G_2 / SO(4), G = SU(3) and the action is equivalent to left multiplication by G.