Actually, in today's litigious society, I don't think most people see a settlement as admission of guilt, but as an expedient method to "get it over with". The days of fight because you're right are days of yore. "Here's a few bucks, go away" is the basis of our legal system nowadays.
I would say there's absolutely no chance that Tennessee DOESN'T settle. Is a settlement an admission of guilt in the eyes of the public? Sure. But it's going to receive a lot of bad press and then it's going to fade. Humans have short memories. Best to get it out of the way quickly so that everyone can start to move forward. Plus a settlement would likely include a nondisclosure agreement that would muzzle the plaintiffs, which certainly isn't a bad thing.
Unfortunately, I don't see how this can move forward in any way -- including a settlement -- until the pending criminal trials are resolved, so this is going to carry over into football season for sure.