We study a model for orbitally degenerate Mott insulators, where localized electrons possess t_{2g} degrees of freedom coupled by several, competing, exchange mechanisms. We provide evidence for two distinct strongly fluctuating regimes, depending on whether superexchange or direct exchange mechanism predominates. In the superexchange-dominated regime, the ground state is dimerized, with nearest-neighbor orbital singlets covering the lattice. By deriving an effective quantum dimer model and analyzing it numerically, we characterize this dimerized phase as a valence bond crystal stabilized by singlet resonances within a large unit cell. In the opposite regime, with predominant direct exchange, the combined analysis of the original model and another effective model adapted to the local constraints shows that subleading perturbations select a highly resonating ground state, with coexisting diagonal and off-diagonal long-range orbital orders.