I think the best most here rate him is in the competent category meaning "if he plays to the mean of his potential in what he does well can manage a strong running and defensive based team to be in most NFL ballgames." Damning with faint praise, I know.
What's worse he's not doing those things well he must (rapid (and good) decision making, accuracy, and ball protection) to be even that 2d/3d tier level QB right now.
Elite is a strong word (at least to me) that invokes "Top 2 or 3 players in a given year or more" talent (and yes I do believe that players can be elite in short stints like a single season, but never be that again).
I honestly have never believed Mac Jones was going to meet that criteria. Even last year, he played to his strengths more consistently, but it wasn't even a great QB year, much less elite (and I'm not the world's toughest grader either).