I remember watching a piece on Peyton before he committed to UT (probably at halftime of a game) where Peyton showed the camera crews the closet where he kept all the letters he had gotten from various programs. They were filed away by school. EVERY major program in the nation had a folder. I even remember thinking the folder from UT wasn't as thick as the others. He could have gone anywhere.
As for Brandon Stewart he split time with Peyton all the way through the bowl game but by the last few games it was obvious Peyton would be the long-term starter. If I remember correctly Fulmer even said the competition for the starting job would be open in the spring.
Early on as a freshman I thought Stewart looked pretty good compared to Manning when he could take the snap. I've never seen a QB fumble so many snaps in my life though which did him in.
Granted, it's been over 20 years so I could have imagined most of this post.