The 2007-2008 Tennessee basketball team had high expectations going into the season. Led by Chris Lofton, who was considered a preseason pick for National Player of the Year, and Tyler Smith, a transfer from Iowa, the team was ranked no. 7 in the preseason polls. With senior guards JaJuan Smith and Jordan Howell, as well as sophomores Wayne Chism and Ramar Smith, the Volunteers looked poised for a successful season.

The team did not disappoint, finishing the regular season with a 28-3 record, highlighted by a rivalry matchup against the undefeated and top-ranked Memphis Tigers. In front of the largest TV audience to ever watch a game on ESPN, the Volunteers won a close game, 66-62, and were ranked no. 1 in the polls the following week for the first time in school history.

The Volunteers continued their success, finishing the regular season as the outright SEC champions and the no. 1 seed for the SEC Tournament. However, an EF2 tornado hit Downtown Atlanta, damaging the Georgia Dome where the tournament was being held. Despite the chaos, the Volunteers were upset by Arkansas in the semifinals, ending their hopes for an SEC Tournament championship.

The Volunteers received a no. 2 seed in the NCAA Tournament and advanced to the Sweet Sixteen, where they lost to the Louisville Cardinals. Despite the disappointing ending, the 2008 season is remembered as one of the best in program history.