The points above are all very good and valid.
In my view (which others don’t and don’t have to share), Davidson is now #17 in perhaps the best-known college rankings. I wouldn’t be interested in a school ranked #17 if I were applying to college now, and unfortunately there are others who think like I do. I don’t see a need to pay $x and spend 4 years for a school ranked #17 when one can pay $x and spend 4 years for a school that’s ranked higher.
So, Davidson, don’t try to say it’s OK to be #17. For some people, it’s not. Fix the issues that caused the fall.