Let's be clear. Are rankings perfect measures of a player? Absolutely not.
Are they not important? Absolutely not.
This is what some people have been saying of our football recruiting classes over the past several years. That rankings don't matter. They do matter...to an extent. It's no coincidence that the football recruiting classes have been at the bottom of the Big Ten and that we've finished at the bottom of the Big Ten with those recruits. However, is it exact science? Certainly not. Shifting back to basketball, IU's gotten the most 5 star recruits over the last several years in the Big Ten and have nothing to show for it.
There's a number of factors that go into success for a program. People like to take 1 and run with it. But it's just not how it works. Recruiting is one factor. And rankings are a part of that factor. You'll have some 3 stars develop into great players - like a Kaminsky. You'll have some 5 stars be duds. But for the most part, the chance of a player turning out successful is relatively along those star ratings. Is it worth arguing about whether a recruit ranked 40th is significantly better than a recruit ranked 70? Probably not.
And a lot of a recruit's success has to do with how they fit into a program and team. A guy like Ronnie Johnson was a talented kid, but didn't mesh with the basketball system or the team dynamic. A guy like Dakota Mathias may not be the most talented, but he has great understanding of the game which leads to success and him able to make up for some of the areas he may not have as great of raw talent.