If he's worthy of a top 5 pick, he develops his game in multiple ways. Just like the other top prospects, who developed in multiple ways. He didn't, and he seems to struggle understanding that, so he's going to drop into the teens. He's still going first round.
I only know what I read and see, mostly what I read from professionals because unlike many here, I listen to pros first rather than assuming I know best. What I read in the deep profile on Eiserman where they interviewed him and his coaches is that he was, in fact, not really on the same page as his coaches this year, who specifically said "we've had countless conversations" about developing him beyond goal scoring. And that this message was similar in the past. He's singularly minded and overly focused on goal scoring, not because he's an asshole at all, but he has shown to be inflexible.
This is why he's not a top 5 pick. He very well may go 6-10. I think it's more likely that he goes later than 15. That's still high. And spare me this nonsense that other top prospects weren't being criticized for their defensive lapses. Smith absolutely was - if he were better 2-way, he might have legitimately been considered at 2. The reason Carlsson and Fantilli went before Michkov and him is because they're centers who showed two way acumen. Bedard was and is criticized for his lack of defense but his goal scoring AND playmaking AND creativity AND offensive vision was too good to ignore - Cole's is not at that level on either element.