Yes. If they win out then they'll get the last bowl slot. IIRC, the SEC has 9 total slots to fill. IMO, Auburn and Bama will both be in the BCS leaving plenty of room for UT if they win out. Here's why:
Vandy already has 6 losses and will lose again to make them ineligible.
Ole Miss has 5 losses. A loss to UT gives them 6... and their last two games are LSU and MSU. They are more likely to 4-8 than 6-6 if UT beats them.
UK also has 5 losses already. With a loss to UT they will be 6-6 also. It doesn't always make complete sense however UT travels better than UK for football and should get the nod.
Finally, UGA also has 5 losses with GT and Aub left on the schedule. Best case IMO they finish 6-6 with a depressed fan base. Worst case (for them) they lose to both GT and Aub failing to meet bowl eligibility.