I wouldn't use panic, but i'm watching pretty closely, and there are some things that have me worried.
1) The number of commits we have right now being less than everyone except teams like Rutgers.
2) The number of JUCO offers that started to roll out
3) The lack of commitments at positions of need
4) I believe the extension was due to what we were hearing on the recruiting trail, so right or wrong, perception is reality with regard to recruits
5) Our season for the most part is going to end 5-7 barring some miracle
Reasons for optimism IMO:
1) Guys like Jahkeem Green, Noa Pola-Gates, Ty Robinson, and Wan'Dale Robinson all committed later than this last year so maybe we have some high level guys just on the fence
2) While I think we needed results on the field, I do think Frost was given one more year by recruits to show his vision between the lines
3) There are some guys like Fisher, Held, and Tuioti still in on some high level guys
As @N2FL brought up, the coaching carousel is going to cause more harm than good for us even with Frost's extension. Whoever takes the Florida State job is going to be all over guys like Gray to join their vision and not Frost's.
Here's more reason for optimism:. Imagine if we didn't get commits from Hutmacher, Gunnerson, Gray, and Corcoran.