How’re recruiting class rankings generated? It’s obviously not by overall, and I’ve heard potentials aren’t taken into account. So how is it generated?

I would imagine it is done based off the default scoring that each recruit has at their current (non-potential) ability scores based on the Player Roles formula, or something close to that.

I'm looking at the class rankings #3 Baylor and #4 Minnesota in Phelan. Both teams have signed one and have one opening. Minnesota has a 5 star and Baylor has a 4 star recruit. However, Minnesota's recruit has 794 points subtract non cores=632. Baylor 678 subtract 200 from non cores and you get 478. 632 vs 478 is a huge difference.

For potential,

Minnesota has (1 red, 5 yellow, 2 black, 1 blue, 0 green)
Baylor has (1 red, 1 yellow, 3 black, 2 blue, 2 green)

Potential has to be factored in. The 5 star vs 4 star rating can't be that much of a factor, otherwise Baylor wouldn't be so high.

Also, I don't really pay attention to class rankings. You might want to go with a 9 or 10 man roster, sign the best 2 players in the country, have 2 or 3 openings and you won't be anywhere near the first ranked class. The number of openings you have, after recruiting, factors in heavily to the class rankings. It's silly.