What to place first: termination or pullup/pulldown?
When in doubt, I always look for related application notes or evaluation board schematics.

TI provides a sample design schematic for the DP83848 chip, which shows the pull-down resistors on the MCU side of the signal (what you've labelled as "termination first"). The pull-down resistor should also be much higher than 100 ohm -- they suggest 2.2k ohm. And the source termination resistors will likely need to be lower than 100 ohm -- they suggest around 33-50 ohm.

TI's design guide for their PHYTER products also mentions (on page 8) that the source termination resistors are already included internally for the DP83849 and DP83640 chips (but not the DP83848 chip you've listed), so perhaps they could be viable alternatives to simplify your design.