Wouldn't put him in the top 4 16 year olds of the current generation. Crosby, Ovechkin, and McDavid were quite literally generational. Tavares was also tracking that way at 16.
From there, there's a very good chance he's not next, so there's a very good chance he's not top 5 of his current generation at that age.
He will probably go 1OA. Jack Hughes also went 1OA. Bedard is not tracking towards generational. It's to be seen where he's tracking towards. Jack Hughes wasn't exactly considered a bad 1OA. Bedard isn't guaranteed to be a better 1OA at this point, so I think there are very real questions if he'll be a better prospect at the same age, let alone two years younger.