I'm currently developing an emberdded device with the LAN8720AI PHY.
When I measure the voltage levels from the PHY they are slightly too large (+/- 1.08V).
I have verified that my schematic/pcb follows your guidelines and I use magnetics from your document "AN8.13-Application-Note-DS00003016A.pdf" (Pulse HX1188).
Specified 100Mbps output is 0.95 - 1.05 Vpp. Your reported value is still within in this range considering usual oscilloscope measuring accuracy. Also termination is probably not that accurate. Where do you measure the level?