Tailgate in one of the parking lots behind the strip, on the Fort side. Parking is about $40 bucks, the Bandito's will come by. Bring a tent. You'll have to make the decision if you want to see the Vol walk, watch the band go to the stadium (forget what they call it), or do more drinking, eh tailgating. Another good spot is G10? or G7? (behind circle park between the communications building and Thompson Bowling), but I believe you need a parking pass to get in there. I'm sure someone here has more info on that.
The bars on the strip are ok, nothing special, so I would save those for after the game if you guys want to check them out. Make sure you get into the stadium early enough for the pregame activities, obviously.