I don't think this is evidence that H.S. recruiting has fallen as much as some people think. Indiana is an outlier that will have to prove their ability to sustain their 2 year run.
The P4 teams in the playoffs are: Alabama, Oklahoma, Oregon, A&M, Miss, Georgia, OSU, Miami, Texas Tech, and Indiana. Indiana is the only one to make it with classes ranked in the 50s. The next lowest is Texas Tech and they only made it because they won the weaker SW conference. The perennial powers all still have top H.S. recruiting classes.
Indiana is a great story but I think it's silly to think all of a sudden teams can win consistently with 50th ranked classes and 3* portal transfers. I understand that teams can improve through the portal. Miami is a good example. Their last 2 recruiting classes were ranked 14th and 4th which is pretty good but they supplemented that with portal transfers 9 of which were ranked 4* (including Carson Beck).