I think it is subpar because they spend a lot of time teaching us research-relevant topics, which either means that we spend unnecessary time at school with less time to study or it cuts into more practice-relevant material. For example, for almost every physiology and biomechanics section, we have to learn calculations and formulas, which I highly doubt is ever going to be useful. We also have a lot of research projects and papers. I did not expect to be writing so many research papers in PT school. Currently, we are doing a month long project where we teach one another how to use crutches. I understand that these things have benefit, but I do not find them very necessary, especially when having them requires us to be in class 8am-5pm. I understand that there is value to learning how to do research, make surveys, and write papers... but I am not paying tuition to learn to be a researcher. They also don't really teach us material. We spend 7-8 hours in class a day with a lot of these "helpful but not necessary" classes and go home and teach ourselves most of the material.
My view is that the top schools' ranks are heavily influenced by the research the school produces... which does not necessarily mean the school has good teaching quality. This is similar for colleges. A PT school can have a high rank, but that is more of an indicator that it is a good research program. Therefore, the school may tend to focus more on training students to pursue research and PT practice, whereas lower ranked schools (less research-producing schools) will focus more on training students for PT practice. So if you want to pursue research as a PT, a top-ranked program is key. However, if you want to practice as a PT, your quality of education does not matter. From what I have gathered from my classmates, they all assumed that a higher-ranked program would have a better education and possibly more opportunity for jobs, but we have come to the conclusion that the only advantage we get is that we know a little more about the research side of PT (which again I don't really care about because I just want to practice).
Having said that, I believe that most people (such as myself) assumed that higher rank was better, so we chose the higher ranked school when given the choice. By "smarter" I mean test-taking GPA GRE "school-smart." I am sure the "street-smart" people knew reality and chose the more affordable schools, which definitely is the "street-smart" choice. However, I am sure that most "school-smart" people with the academic credentials end up going to higher-ranked schools and doing better on the licensure exam. On the other hand, lower-ranked schools will have a mix of "street-smart" academically proficient students and also students who may not have had the academic credentials. As a result, those lower-ranked schools will end up having lower pass rates because of the makeup of the class, not necessarily the program quality. I am essentially saying the higher ranked schools may have better pass rates because they will end up attracting more academically proficient "school-smart" people, meaning that the pass rates do not necessarily suggest that the program is good. It just means the students are smart.
Again, I want to clarify that I don't say higher-rank and lower-rank as determinations of quality. I am just referring to the US News ranking.