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Regarding future trends, I think we're moving towards smaller cohorts. There are exceptions of course. The high ranking rich privates (e.g., Harvard, Yale, Princeton) may be able to keep up large cohorts, but many places are moving towards smaller cohorts due to budget constraints and the worsening job market.

My big recommendation to applicants is to ask yourself if you're okay going into industry or working in a teaching focused institution. There are just fewer tenure track jobs in research universities. There is nothing wrong with going industry or taking up a teaching focused job. There are worse futures than spending a few years reading political science research and making six figures in an industry job.

Just know what you are signing up for and adjust expectations accordingly.

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