Ole Miss is going all in on 2024.
They saw their schedule for next year and immediately began making moves and mobilizing their boosters/NIL:
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Just the same way that a poker player loves their hand and pushes their chips in.
They are paying (overpaying) for guys in the portal that they think will bolster holes in their roster of their (2023)10-win team, which largely returns all of their talent on offense from this year. They are overpaying (as you mentioned) for as many big fish names and anyone they can get with experience, particularly on defense.
Does this mean they will win the SEC or make the playoff? No.
By Ole Miss standards, this offseason is very much "going all in" for them. Just the same way that the Nkemdiche recruiting class was their boosters going all-in then. They had a goal then, and they have a goal now.
In the short term, they are hoping that this reestablishes Ole Miss as a program that is worthy of top talent, and the kind of place that top talent entering the portal should be interested in. The obvious goal, though, is to take advantage of a favorable schedule draw and get to the playoff.
It is obviously not sustainable, it is obvious that they are overpaying for guys that are average or above average to other teams (i.e. going "all in" on them), they are leveraging their NIL coffers to keep their best talent from 2023 and add enough (what they think will be) incremental talent to push a 10-win team over the edge with a favorable schedule.
Whether or not they will be successful in this approach remains to be seen, and is very much open for debate. There are plenty of examples of teams (pro and college) that whiffed. However, I don't think it's up for debate whether or not they are going all in.