I take parity to mean that for any given game, both teams have a reasonable shot at winning it. If this definition is valid, it would imply that the teams are (or can briefly be) roughly equal in effort, talent, or other key aspects.
What some here are a little grouchy about, I think, is the notion that parity arrives in this case only because the three best players in the game graduated from the best program in the game. That's not much of a parity, that's just an example of opportunity via attrition. Our attrition, their opportunity. How would you like it if Miss Muffett had said, "I am glad that the last four years are behind me; now we can all lower the bar." That's not what she said perhaps, but it's what appears (to some here) to have been her thinking on the subject. If MM had eleven NCAA Championship trophies in her office, I doubt she'd be quite so grand a celebrant of "parity."
As for me, I don't care too much what anybody in South Bend thinks or says. This is my first post on the subject in some time, and likely my last.