For insight into this question, consider the density of the distribution curve. Middlebury received an “Overall Score” from U.S. News of 90 (https://www.usnews.com/best-colleges/middlebury-college-3691/overall-rankings). This can be compared to the scores for other schools. This may influence your perception regarding what constitutes a significant drop.
Or perhaps view another ranking, such as this one, in which Middlebury places more highly than a few LACs that placed more highly than Middlebury in U.S. News: