The team made the Elite Eight last year. The losses were Kamiko Williams and Taber Spani. While I'm not going to suggest that two freshmen can come in and make up for the departure of two seniors, I think that the added experience of the upperclass and the qualities of the freshmen will make this a better team than last season's.
So, to answer your question, yes, this team has a definite chance of reaching the Final Four this year. Unfortunately, one stumbling block that the NCAA has seen fit to throw in the path this season is that the regional sites include two teams that made the Final Four last season (Notre Dame and Louisville) as well as perennial power, Stanford. The final regional slot is at Nebraska but I frankly expect that UConn will be in that region. We should get some idea of our regional chances since we play both Stanford and Notre Dame during the regular season.
It should be an interesting ride and I expect the most out of our Lady Vols!
Jim