Looking at Oregon's performance this last season, the apparent quality of Mario Cristobal as both a head coach and a recruiter, and the quality of their recruiting of late, I wonder what Oregon's ceiling might be in the future.
Oregon is a nationally recognized brand, firmly in the second tier of college football programs alongside the likes of LSU, Penn State, Michigan, and Texas A&M. They have an endless supply of cash thanks to the support of Phil Knight and Nike.
Most important of all--and here's where the Clemson comparison could be most apt--they have almost no consistent challenge to PAC-12 dominance.
Washington and Washington State might be done as contenders. Stanford hasn't really been elite since McCaffrey went to the NFL. The only programs in the PAC-12 who have the capacity to challenge Oregon regularly are (1) currently down, and (2) in the South division. USC is definitely down right now and every year they retain Clay Helton they delay their potential resurgence by 2-3 years.
Oregon could potentially become a year-in, year-out CFP contender, but it needs to start at the QB position. Clemson would never have become a thing were it not for the generational talent that was Deshaun Watson (and then Trevor Lawrence two years later). If Oregon can develop/recruit a difference maker at QB, Cristobal could start building a dynasty out west.