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In 2016, in cooperation with Populous, a feasibility study was conducted to identify directions for further modernization work at Neyland Stadium. In October 2016, a $106 million initial funding for the three-phase plan was approved. In November 2017, the University of Tennessee board approved a new two-phase plan, which was expected to cost $340 million ($180 million in Phase I). After a change in the head of Tennessee Volunteers in December 2017, the plans were revised, and implementation was postponed.

The first renovations were carried out in 2019, although the main modernization work did not begin until the fall of 2021. The makeovers mainly included two facets: remodeling of the lower part of the west stand and construction of a second LED screen on the north arch. Implementation of the plan was expected to cost $180 million. In June 2022, the University of Tennessee board approved the granting of additional funds ($108 million) and the expansion of the upgrade plan to include additional features. The extension of the scope of work was done, among other things, based on feedback collected from fans.

The expanded list of tasks includes installing V-O-L-S letters on the crown of the south stand, increasing the number of catering outlets, upgrading the interior, improving comfort and security, rearranging the space in front of the south side entrance gates, renovating the skyboxes, extending WiFi access to the stadium, creating a new sound system, and constructing additional brick walls to improve aesthetics and give the facility a unified style.

The redevelopment of the lower section of the west stand will create premium seats in this section, equipped with seats with backs. The spaces under this section of the auditorium (12,000 square feet) will include bars and restaurants available to spectators seated in the renovated parts. Meanwhile, the installation of the second LED display involves the demolition of a section of the stands on the northern arch (in the upper, central part). An open space will be created in front of the display, where new food and beverage outlets will be located.

The installation of two sets of V-O-L-S letters on the crown of the south arch has a sentimental value and is a reference to tradition, as similar letters, forming the nickname Tennessee Volunteers, existed there in the past.

The scope of work on the south stand will also include the renovation of its interior, including the creation of new restrooms or the widening of corridors to improve comfort and safety. A new brick facade will improve the overall appearance and aesthetics, giving the stadium a more unified style. Larger spaces in front of the auditorium entrances on the south side will reduce queues, increasing spectator comfort and safety.

Completion of some of the work, including the reconstruction of the lower part of the west stand and the installation of a new LED display, is expected as early as the fall of 2022. Subsequent renovations are to be carried out in stages, with full completion of the planned scope of work expected in 2026. The revamps will entail a slight reduction in the stadium's capacity, from 102,455 to 101,915 spectators. The upgrades are to be financed mainly through revenues from premium seating and commercial areas.

With a capacity of more than 100,000 spectators, the stadium of the University of Tennessee Volunteers football team will undergo another renovation in its more than 100-year history. Fans watching the football games of the university’s team will be able to enjoy a more comfortable viewing experience thanks to the renovation.

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