This is great advice and very helpful as I'm in a very similar situation. I've been accepted to a UTD T10-ranked large state school program in management and a smaller program in the Pacific NW that usually ranks between T50-80. Why the dilemma? The smaller/lower-ranked program has extraordinary depth in strategy and sustainability/social issues (my primary research interest) and some well-known scholars in this niche field, and it's in a city/region I would love to live in. The T10 program has a larger faculty with broader focus, some superstar faculty and potentially influential committee members, curriculum structure that will give me an early start on research, but I might not be able to focus very deeply on the area in which I hope to develop a "research identity".
Both have strong resources in qualitative training (important to me) although the T10 is probably stronger. Funding is relatively equal at both, and I may be able to negotiate my way out of the extra TA requirements at the T50-80. Both have track records of co-publishing with students, although the topical fit is stronger at the T50-80. I'm a little concerned about being a cohort of 1 at the T50-80 school, while I'd be one of 3 or 4 at the T10 school. The T50-80 school is fighting hard for me, while the T10 is enthusiastic but wouldn't be devastated to lose me.
Is it realistic to think I can choose the T10 school and maintain research relationships with faculty at the T50-80 school since they are doing exactly what I hope to do? Or does the opportunity to develop a clear research identity in a smaller program help you get T50 placement and overcome the disadvantage of lower rankings? And if I were to choose one school and after 6-12 months decide I'd made mistake, is it likely the other school would allow me to transfer? Any feedback/thoughts are welcome.