Disclaimer, I am a TN Alum so I might have some orange tinted glasses on but I like to think I can look at the team with limited bias.
After a bad decade, TN finally has quality talent and depth at most positions. Butch Jones has certainly done well on the recruiting trail (struggling in recruiting this this year, but I believe it is a wait and see from the recruits perspective as CBJ needs to show he can perform with talent).
I have a few concerns with TN this year:
1) In game decisions from CBJ: TN lost two games last year (OU and UF) where CBJ has to be held accountable for many poor decisions. From ill advised declined penalties and not going for two up by 12 in the 4Q. Those two loses would have easily been wins with better decision making. Although not quite the record, I think of CBJ on par with Les Miles. Solid recruiter, solid coach, but on game days needs an adviser to keep from screwing up a good thing..hopefully this year he can out talent his own decision making)
2) As mentioned above, Dobbs lack consistency. He can look like a world beater at times and then will have some series where the ball falls 5 yards short of the WR time and time again. (Poor Health at WR the past couple of years has not helped)
3) LB depth not very good.
On the plus side there are several reasons to consider TN a longshot for the championship. (not sure enough value to make a play at 12:1 though)
1) The SEC East is wide open, so making the SEC C-game is a strong possibility. So that gives TN a chance to win the SEC and the SEC winner is very likely to make the playoffs.
2) TN special teams could be a big factor in close games. As a group maybe the best unit in the country.
3) Bob Shoop: If he can coach talent the way he coached much less talented groups at Vanderbilt and Penn State (following teh scholly reductions), this defense could be very special. I cannot wait to see what he does with this defense. Although not deep at DT TN has some top notch players in the middle and the DEs with speed and depth and an aggressive coach could put a lot of pressure on opposing QBs, along with a shut down CB in Sutton and the other CB Martin came on strong the second half of last years will allow the secondary to play man to man with confidence allowing safeties to be more aggressive.
4) Offensively, the team is very capable and with dobbs running, and progressively better O line (two years ago TN started season with a combined 5 OL starts) this team could average 250+ yds per game on the ground. Especially if the defense keeps opposing teams of the field. Can the WRs stay healthy all year, to keep a balanced attacked...they have the talent.
Do I see TN winning a National Title? No! But then again, had you asked me in 1998 did I see TN winning the title I would has said No, and an emphatic Hell No after Jamal Lewis went down with a season ending injury early that year! That is why they call it gambling! (and I want to see the Vols do well for a change)
In general though I think betting on TN will be a losing proposition this year because of the hype. The lines will be too big.