It is not inconceivable that they are getting a very good response from their scholarship offers. They may be very concerned at this point about over-enrolling.
I guess I still don't really understand. Isn't it still advantageous to go to the best school possible? Or would it really open more doors to go to a lower ranked school?
Yeah, but median at a Top 5 will definitely get BigLaw somewhere, even Vault10 BigLaw with good interviewing skills or at a firm like Kirkland, which loves Chicago grads.
80-90% of Chicago's class can get BIGLAW.
Even if OP only works 1-2 years in BIGLAW, the Chicago degree will go so much further than a wustl degree when he leaves.
What about the bottom? They can't?
The further down you go, the more your grades start weighing you down. An unsocial, unconnected white dude at the very bottom of the class probably has issues getting market.