They do have a highly ranked freshman class coming in as you said (
its 4th not 2nd though). Their class is also ranked so highly due to the way they rank the classes... having more recruits weights your ranking, so having 6 freshman coming in gives them a higher 'score'... really only one of those freshman is someone I'd expect to have a major contribution in McCoy. Couple other fringe top 50 kids, but as we know those are rarely big difference makers as freshmen. How good can we expect them to be when half of their roster are freshmen?
Now that we've established their 2nd ranked recruiting class is actually 4th and that there isn't much production expected to come from said recruiting class, lets look at the transfers:
Mara is projected around the end of the lottery. Is the guy coming in (Thiam) as good as Mara? Doubtful.
Morez is projected mid-to-late first round. Can we expect J.P. Estrella to be as good as Morez was for them? Yikes.
Lendeborg was the B1G POY and projected to go in the late top 10. How does Jalen Reed (I know... who?) slot in as a replacement? Sheesh.
Then you have two super senior guards in Burnett & Gayle. They have McKenney & McCoy to replace them, who are good players, but have 9 years less CBB experience than the Burnett/Gayle combo did.
Cason is out for the season.
I see them as a top 15/20 team as they sit right now. Maybe they add someone significant, but I think they're at 14 or 15 players so I'm going to doubt that happens as well.
Final note just to circle back to the freshman class ranking -- only one of the F4 teams from last year had a top 10 class (Arizona). Michigan and Illinois had freshman recruiting classes ranked 30th and 34th, respectively.