Not really. SEC hype started in 2003 but really picked up in 2006. The Florida beatdown of Ohio State in 2006 really started it off. The SEC then went on to win titles until 2012. That streak included 4 different schools. To say it is all Alabama is kind of silly. Also, had Alabama not been there, other SEC schools would have been in the mix such as LSU in 2011, Florida in 2009, Georgia in 2017, etc.
It has been a while for Tennessee. The only confidence that I have as a Tennessee fan is that we can sometimes recruit like a 5-star program. We did with Butch Jones and we really weren't that far off, take 2015 where our 4 losses came down to 1-2 plays. Get a little bit of luck and we are a playoff team that year:
2015 Tennessee Football Schedule | FBSchedules.com
So there is the potential but definitely I put us on that iffy list. A lot of it has been poor administration and poor coaching. If Tennessee can figure both out, that may change.
OU and Texas are definitely a good coach away from being elite programs (similar to USC). I do think USC Trojans might struggle a little in B1G with long road trips. West Virginia has really struggled in the Big12 not having a close neighbor.
Overall, though, I think all of this is bad for College Football in general. The sport was a far better product back in the 1990s when the talent was more evenly dispersed across the nation.