Star ratings correlate highly with NFL draft placement

I did an exhaustive analysis of this a few years back. Each star yields roughly 12% chance of getting drafted IIRC.

As you correctly point out, some schools over perform relative to their average star ratings and some underperform. So while star ratings are in fact useless for a particular player, they have some relevance at the program level and strong relevance overall.

In short: ND is underperforming in recruiting relative to top-level programs. It is relevant to the amount of talent we're starting with. And the fact that our recruits look overrated has more to do with our inability to develop players than it does a flaw in the rating system.