I'm going to take a poke at the idea of "overrated" teams. There's a history to it.
Back before sports was a 24/7 industry, when the whole nation had access to only 2 or 3 games on a Saturday... before ESPN and other networks (plus local and streaming) began televising a total of maybe 80 games each Saturday (plus Thursday)... before there were sports talk radio networks--let alone sports radio shows outside of NFL cities... back when the only weekday college football information was confined to maybe one page in a city newspaper and a few weekly magazines...
In other words, back before we had tons of data on every player, coach, and program, with hundreds of reporters on the beat 24/7, and everyone talking and comparing information --- back then I'd say there were overrated teams. For many of the Fulmer years, Tennessee was one of them.
But my contention is that "overrated" simply meant that certain programs had earned, over time, the benefit of the doubt.
Just as today, every team starts the season with questions: new players assuming starting positions, injuries, having to play young players early, all sorts of unprovens and unknowns. So back before we had so much data and individual team coverage, sports journalists and editors would give benefit of the doubt to certain programs because those programs had a track record of always recruiting well and having better coaches, facilities, and medical rehab.
So it was just a sound bet to predict that certain teams were more likely to successfully solve their preseason questions than other, less experienced or less talented or less proven programs.
But today, with so much data available to so many brains doing so much cross communication... I don't believe there are any objectively, empirically overrated teams today. But there are other factors today...
When billions of advertising dollars (and network solvency) are at stake, we know that will influence what influential people say. (Advantage: Notre Dame)
And let's face it, when you have the largest corporation on earth (BlackRock Investment) with assets greater than every country but two, investing in and pushing companies to change their management to reflect socio-political positions (DEI values)--regardless of how the market responds--then we can expect that colleges with similar DEI stances, like maybe a Stanford, will have their teams extolled as part of a "woke" network policy.
I'm not opining here about whether that's a good thing or a bad thing; I'm just saying it would be naive to dismiss that it's likely now a factor in how teams are presented or regarded.