Taking off my blue tinted glasses..
His highs have been high, but I don’t think Newton has had the consistency to warrant top 5 player in the country status.
His shooting percentages are bad and even with his propensity to get to the line and make FT, he's behind the rest of the starters in points per shot. Obviously he does other stuff, including rebounding like a 6'10" guy. But he's shooting 40.5% and 30.7% from 3. Not good.
He's an awesome player, All-Big East, etc., but you got it right: he's not consistently performing at a POY level. That's not an insult.