My thoughts are:
2. Blaine Smith - 12 - SS - 5A
3. Colby Watters - 10 - ARK - 5A
4. Cody Beasley - 11 - WC - 6A

Somethings to remember:
Smith has last 2 wins over Watters.
Watters has the last 2 wins over Beasley.
Beasly has the last wins over Smith.
Smith is a 2 timer state champ and a 4 time placer. I believe he went 5@103, 1st@103, 3rd@119, 1st@119.
Beasly has won state once, a three time placer, and has been a 119 pounder his entire high school career. 6th@119, 6th@119, and 1st@119.
Watters is a 2 time runner up. 2nd@103 and 2nd@119.

A big key factor is the fact that Beasley does have 1 loss to Smith. Even though he has beaten Smith the last 2 times, Beasley has never beaten Watters and Watters has never beaten Smith. So, with that one win over Beasley I would give smith the nod over him in the rankings and since Watters beat Beasley last weekend he gets the number 3 spot.