All is not lost.
Winning the SEC East is not out of reach. Florida still has games against LSU, at Auburn, and against Georgia in Jacksonville. The Vols had absolutely no running game, and the Gators won by just one point. It's still likely that Florida loses to Auburn and LSU, and Georgia is by no means a given.
The Vols' toughest remaining games are at Georgia and against LSU at home. If they can win those, they could be ahead of the Gators in the SEC East standings in the end. Alternatively, they could lose to LSU and still be ahead of the Gators, if Florida loses to Georgia as well as to LSU and Auburn.
Besides the Tennessee-Georgia game, the Bulldogs still must play at
LSU Auburn and against Florida on a neutral field. They could lose both of those. If they do, and if Tennessee runs the SEC table, UT would end up ahead of Georgia in the SEC East with only one SEC loss. If Tennessee loses another SEC game, it better be against LSU and not to Georgia, because the Dawgs will not lose more than two SEC games. The Georgia game is the key and would be the deciding factor if the Vols and Dawgs both finish with two losses and Florida finishes with three.
Of course, the Vols need to significantly improve its offensive line and running game to compete. Add punt coverage and kickoff and punt returns to that. The defense also needs to gain experience and develop depth quickly. All told, the Vols need a lot of work, but the season is by no means over.