Ultimately, Vandy and its fan are suffering from multi-directional pen!s envy.
They know they aren't an Ivy League school, though they'll damn sure try to convince you they're on par. They also know they're not on the same level as Stanford. Hell, there are public universities that are more prestigious than Vandy.
So, when talking about BCS conference, private schools who are they comparable to? Stanford? No, see above. USC, Duke or Northwestern are going to be the closest matches based on US News rankings. But, here's where Vandy gets angry.
You see, USC and Duke have athletic programs, football and basketball respectively, that get national attention and have experienced national success. Even Northwestern was relevant in recent memory in football. Vanderbilt? Not so much.
Vanderbilt's lone national championship is for women's bowling. Their football program, until last year, hasn't been relevant since the primary means of intercontinental transportation was by rail.
What is a Vandy fan to do? They're not in the conversation as an "elite" national university and their academic peers have actually achieved success athletically, something that continues to elude the West End faithful. So, they resort to "We're #1 academically in the SEC!" A worthy achievement, yet less impressive when you look at the big picture - 4 AAU schools in the SEC which puts it at 4th among BCS conferences.
The extreme effort they exert to compensate for their jealousy of other schools and their programs is pretty incredible when you think about it. It's kind of sad, really.