In at least a couple of the Peyton years where we lost to Florida, Tennessee was more talented. Perhaps more. At least on offense. Spurrier was simply a better coach. They were directly blocked by Florida in 1995 and 1996. In 1997, they might have been crowned champs if they beat Nebraska. The extent to which Tennessee was totally dominated in that game still kind of surprises me. Not that we lost, more how we lost.
I've heard Al Wilson say multiple times that the 1997 team was better than the 1998 team, and some have argued that the 2001 team was better than the 1998 team too.
When you get down to it, Tennessee had a team capable of winning a title in 1995-98, and perhaps 2001 (they would have run into one of the greatest CFB teams of all time in 2001 though). At least we got the one - imagine the "what ifs" if we lost the title game in 1998 or something, especially given how the last 10 years have gone. IMO, the only thing keeping Fulmer out of the category of being one of the most underachieving coaches of all time is the fact that he did win that one title.