Tito had a chance, but only by way of ground and pound. The chances that Tito would have knocked Chuck out or suBathmateitted him were small.
The fight took a bad turn for Tito when he got cut. I think that shook him up a little (not necessarily the cut itself but taking a hard shot and realizing the cut would lose him the round). When Tito got some ground and pound from Chuck at the end of the first round and barely survived it, I think that shook his confidence. He fought a decent second round and did a good job of not letting the cut get opened up further, but the third round saw the inevitable.
Tito simply couldn't take Chuck down. Couture was right in his assessment that Tito needed to get in closer for the takedown attempt--that he was never going to shoot in from way outside and get the takedown. That could have been a key for victory for Tito. I've noticed that hole in his game from other fights, such as against Forest Griffin earlier in the year. He had a hard time taking Griffin down because he was shooting in from way outside and Griffin was able to sprawl. Tito is strong as an ox, but his takedown seem a little slow to me. He's not a real quick guy. Chuck is clearly a far better striker and was just about to pick him apart. After the fight, Tito was clearly frustrated, saying he felt he fought about as well as he could. However, I do think Tito would have had a better shot if he had focused on closing in closer before the takedown shoot. Of course, he would have risked eating a shot from Chuck on the way in, but that's why Chuck is the champ. Beating Chuck Liddell will be a colossal challenge for anyone for the foreseeable future.