The questions I would ask are fairly straightforward. The Irish haven’t lost much from graduation or portal so roster spaces are limited for the portal.
Did they underestimate the market costs for the positional portal needs? In doing so…
Did they not have enough $ left after signing their recruiting class to plan for current player raises in addition to the needs for addressing the portal?
If either is true, and we are all just guessing since the portal is still open, then these questions should be asked and some level of accountability is needed to ensure improved future planning.
I think they're tighter in Rev Share + NIL funds than a lot of teams due to what they spent retaining their current roster. They're returning 15 starters (16 if Onye gets a waiver) and a bunch of key depth pieces. How many teams are able to keep 5 legitimate starting caliber linebackers (Bowen, KVA, Ausberry, Snead, Faraimo) all of whom have extensive playing experience? Similarly, how many teams are keeping 8-9 offensive linemen with starting experience and / or insanely high upside. They're paying guys a premium to split reps or be willing to sit and wait their turn. That's not easy in this environment and it's expensive to achieve.
I also think you're correct in suggesting that they spent a lot on their recruiting class. This is probably the best, most balanced class ND has landed in 30 years. They have 5 stars and top 100 talent at multiple positions. Dunham, O'Brien, Adams, Ewetade, Premer, Pouncey, Golden, etc... Legit elite players that everyone wanted and was trying to buy. There is no chance those guys came cheap, no matter how good of a recruiter Freeman is.
Because of those 2 factors, I believe ND was left with less cash than a lot of teams. Their Rev Share is definitely maxed or near maxed out and I think they're very picky about how they use their NIL stream. They're also just not very flexible. They would normally have tampered well and have their prized portal additions locked up via accepted deals prior to the portal opening. This year, they're having to compete on the open market, with obviously limited funds, with bidding wars for every player that they're after.
I think you'll see them win a couple of these when the dust settles and they'll leave portal season with their needs ultimately met (at least most of them), but it's going to be a rough road there, because teams that are losing a lot of players and didn't break the bank in high school recruiting, have a lot of frsh powder and aren't screwing around with talent acquisition this year.