@yitz15, my prior is that admissions at the top 5-10 will be significantly easier for Fall 2022 entry because the top applicants this cycle won't be re-applying and there's a lot less winner-take-all this cycle than usual. Thus I wouldn't bank on there being a critical mass of applicants with good offers this cycle forgoing enrollment to re-apply next year due to trickle-down. Moreover, schools aren't going to be granting nearly as many deferrals as last year.
So as long as schools return to admitting normal cohort sizes next year, next year will be significantly improved. And we have every reason to believe they will because bear in mind that it's the combination of deferrals last year and the job market being bad that forced departments to cut funding and cohort sizes this cycle to support more 6th year students.