Yes. History does not define the future, and just because you were once an elite program doesn't mean you return to being one. UT is not alone in it's fall from grace - take a look at once power houses USC, UCLA, Nebraska, Texas, Miami etc. and how far they have fallen. OTOH look at the rise of perennial cellar dweller teams like Oregon, Washington, and Baylor that have achieved a lot of success lately - even mighty Clemson was at best a mid-tier ACC team for decades.
Human nature loves certainty and hates uncertainty but football is nearly impossible to predict with any accuracy, the more you try the more you get it wrong, but IMO that uncertainty is in essence what really makes the game fun.