Maybe "talent level" wasn't the best word as players are obviously bigger, stronger and faster now. However, I just don't think they are as good as the players before the Manning rules. Too many mediocre QB's can throw for 4,000 and get paid $100M. Most of these guys would look like Ryan Leaf playing in the 90's. I remember how teams had to invest in the running game so their QB wouldn't get killed dropping back 40+ times a game. That was suicide back then. LOL. Now a lot teams do it with ease.
If a player rushed for $1,000+ yards, that was considered quite an accomplishment given how every team knew they wanted to run the football. Now if you show up and get enough carries, 1,000 yards is guaranteed.
1,000 yards for a WR was also an accomplishment given how hard it was to get open with DB's getting away with a lot more. Same as above, if you show up and your team doesn't have many other decent WR's, you'll easily get 1,000 yards by default.
If a DE/LB got 10 sacks or over, that was an accomplishment because most teams were run first. Now with teams throwing so much, it gives a pass rusher so many more opportunities.