I don't know that I'd call FSU's fan base delusional since they won a NC and went to the playoffs last year. There is a track record of recent accomplishment there. I think they realize not having Winston and most of that O line is going to hurt.
The media is more delusional over Arkansas than the fan base. I think the media and the fan base are equal parts delusional about Tennessee.
I wouldn't call Notre Dame the most overrated program in history (that belongs to Michigan or Penn State, IMO), since the Irish have won 11 national titles and has the most Heisman winners. Granted, they haven't won a title since 88, but NCs, winning percentage, number of all-Americans and NFL draftees kinda fosters their self-worth.
But as long as they have VanGorder running their defense and Brian Kelly running their program, yeah, they're not going to live up to their hype.