Except that Bama would be sitting with 2 fewer losses and would also have a head-to-head over UT (a rather massive one, in UT's house).
Any of the borderline impossible scenarios that would have UT in will have Bama in as well.
I'm just posting the criteria as listed by the CFP Committee online. According to their criteria, margin of victory doesn't matter, and conference championship matters more. Considering the human element, if Tennessee truly starts playing well, and goes on a run, it's a judgement call.
It would depend on who that 2-loss team is. If it's Oklahoma, given their schedule, they're getting in over 3-loss Tennessee.
Tennessee would really need the following scenario to play out in the Big XII:
-OK St loses to TCU
-Oklahoma beats WV
-Oklahoma State beats OU
Oklahoma would then win the Big XII with three losses. This still wouldn't guarantee much for UT, because OU has a pretty solid SOS.
So a 10-2 Oklahoma team with no conference championship game win gets in over a 10-3 UT team that beat Alabama? Not likely. Tennessee gets in over any 2 loss Big 12 team, for this reason, imo. If it was still done by computer rankings, I would agree, but again, I doubt the committee would vote this way.
UT needs the following situation to play out in the Big Ten:
-OSU loses to Michigan St
-OSU beats Michigan
-Nebraska loses to Maryland or Iowa
-Wisconsin loses to Purdue or Minnesota
-Wisconsin beats Penn St in Big Ten title game and wins the conference with 3 losses.
That way UT has at least an argument to be in over or alongside the Big Ten champ.
I think at least 1 team from the Big Ten gets in no matter what, but I doubt 2 would get in over Tennessee in this scenario.
UT needs the following to happen in the Pac 12:
-Washington St beats Colorado and Washington
-Colorado beats Utah
-USC beats UCLA
-USC beats WSU in Pac 12 title game
This is leaves the Pac 12 champ with 3 losses. Given how much better USC has played since September, it would probably help UT's argument if the Trojans lose to Notre Dame.
And the Vols need way more help than they can conceivably get in the ACC.
If USC wins the Pac 12 title game, when comparing opponents, again this is based on their criteria that I have listed, they would be comparing common opponents, which would go to UT because of Bama.
Again, I'm not saying it's likely, but I believe it is still a small possibility, based on their criteria. Had this been based on the BCS, it wouldn't even be a possibility, but with the human factor involved, it's a bit more than record.