They pick the top individual seasons at each school (regardless of position), and throw them in a bracket to determine the best of all time. For UT, they predictably went with Peyton in 1997. Not sure I agree with that. Just from my lifetime, I think I would've put Reggie White 83 and Travis Stephens 2001 higher.
FWIW, it looks like Barry Sanders is going to win the "tourney" in a landslide, and rightfully so.
http://espn.go.com/college-football/story/_/page/theseason0804list/the-greatest-individual-seasons-player-all-128-fbs-schools#sec
