Really though, what you just said I've said a hundred times. Personnel matters. Sure, UCLA is like 3 RBs deep, and Michigan State will probably find OL replacements. Looks like Boise lost 5 D starters plus 4 more 2nd string guys. That could hurt them. Losing 5 out of 8 main DL will be felt.
UCLA went from looking like they'd return a TON to now losing quite a few guys. Like you said, only 5 guys returning now, losing their star RB, some important WRs, most of their OL. You never know though. Guys can come out of nowhere at any position and it's definitely "next guy up" at many of these schools. Just no guarantee.
I definitely don't think it will end as good as it looks right now, but it will still be up there.