I don't think the buzz for Tanner Lee is off base. Anointing him is obviously premature, but all anyone is saying is that he'll be a solid contender in a race where the other top contender is likely to be a redshirt freshman. And of course a 3-9 Tulane team about to fire its coach was unlikely to produce gaudy passing numbers. Lee's use of his redshirt year under Langs and Riley will be critical.
They've built up the QB room well, and it will be a crowded one. There will be plenty of competition to sort things out, between Lee, a few older players, and two very touted young guns. There might not be an All-B1G QB in the bunch, but keep stocking that room and adding solid recruits, and they'll get one to emerge eventually.
Lee has experience, an arm, and savvy. How much of the latter two is up for debate. NU's stronger for having him, whether he wins the race or just pushes others to beat him.