Yes, it's amazing how often people forget that simple but reliable rule: "Things change."
We may have a historical edge over Colorado but they have the present over us. Their current coach has 8 twenty win seasons in his 11 year career there, only one losing season, 4 NCAA tournaments (with another likely coming this year), and multiple NBA players as you have stated.
This coach, Tad Boyle, has the best winning percentage of any Colorado coach since 1950. At the time of his hire, I don't suspect the Colorado fan base was ecstatic over the choice after his three years at Northern Colorado; sometimes you just never know how good something can be until you give it a try.