To be fair *most* first round picks don't live up to their draft positions. A small percentage of players in the league ever are worth what most first round picks make in salary.
I imagine you could look at all the schools that put a lot of players in the NFL and see similar results.
Miami (FL)
USC
Texas
All have tons of guys who "didn't live up to their draft position."
I'm not even talking about salary; I'm talking about opportunity cost. There's a reason why ILBs aren't usually taken in the Top 5 picks, and rarely in the top 10; they don't make a consistent impact on the game. Similar to a TE or safety or offensive guard.
From my list, I would say that seven of them are outright busts (if you want to exclude 2009 that's fine): Ginn, Gonzales, Carpenter,, Nugent, Plummer, Katzenmoyer, Montgomery (5 starts his rookie year, 0 the rest of his pro career). Hawk, Jenkins, Doss (never became a full-time player), Pickett and Plummer (have) never lived up to the expectations of the teams that drafted them. So of 21 players drafted in the first two rounds in a nine-year period, 11 have been real disappointments for the teams who drafted them.
IMO that stems from OSU being a massively talented team in a garbage conference. That's sort of the definition of "overrated".
I agree with you about Southern Cal, although I don't think that Miami(FL) is on that level as a program any longer.
Want to play the game with Southern Cal? 2000-2009:
2009 1 5 5 Mark Sanchez Jets QB
1 15 15 Brian Cushing Texans LB
1 26 26 Clay Matthews Packers LB
2 6 38 Rey Maualuga Bengals LB
2 24 56 Fili Moala Colts DT
2008 1 7 7 Sedrick Ellis Saints DT
1 9 9 Keith Rivers Bengals LB
1 21 21 Sam Baker Falcons T
1 28 28 Lawrence Jackson Seahawks DE
2 8 39 Chilo Rachal 49ers G
2 17 48 Fred Davis Redskins TE
2 32 63 Terrell Thomas Giants DB
2007 2 13 45 Dwayne Jarrett Panthers WR
2 19 51 Steve Smith Giants WR
2 27 59 Ryan Kalil Panthers C
2006 1 2 2 Reggie Bush Saints RB
1 10 10 Matt Leinart Cardinals QB
2 7 39 Winston Justice Eagles T
2 9 41 Taitusi (Deuce) Lutui Cardinals G
2 13 45 LenDale White Titans RB
2005 1 10 10 Mike Williams Lions WR
1 31 31 Mike Patterson Eagles DT
2 5 37 Shaun Cody Lions DT
2 13 45 Lofa Tatupu Seahawks LB
2004 1 20 20 Kenechi Udeze Vikings DE
2 20 52 Jacob Rogers Cowboys T
2 30 62 Keary Colbert Panthers WR
2003 1 1 1 Carson Palmer Bengals QB
1 16 16 Troy Polamalu Steelers DB
2000 1 29 29 R. Jay Soward Jaguars WR
2 6 37 Travis Claridge Falcons G
Since I was hard on OSU guys, I'm going to be hard on Southern Cal's. I think that guys like Shaun Cody and Fred Davis are solid players, but I'll give Cbus the benefit of the doubt.
I count 18 players out of 31 picks in the first two rounds (!). Maybe a little more than half, but is that mitigated at all by the fact that the players who did work out are multiple Pro Bowl performers? I mean, Chris Gamble is a solid cornerback, but do you count him the same as Troy Polamalu?