Out of the 5 major parts of an application, what do top colleges consider to be the most important?

Among moderately selective colleges, academic criteria (grades/rank/rigor and test scores) are the most important (sometimes only) criteria for admission.

Among super selective colleges, enough applicants are up against the top of the academic criteria that extracurriculars, essays, etc. become much more important. However, those applicants not up against the top of the academic criteria have little chance because they fall short of so many others on the academic criteria.