IMO, I think a few well funded collectors decided to work on T206 master sets and bid up all backs they needed. This caused a flood of collectors to sell to get a piece of the action.
As their needs on the master set have gone down to the rarest, it has left a large supply of mid range tough player/back combos with high established prices and no buyers at those levels, setup for a downward price correction. The rarest and/or highest condition will still get great prices and bidding wars.
Reminds me of when the whales were biding up the graded exhibit market a few years ago, prices went crazy for a while, they got the cards they wanted and then there was a downward price correction and the market settled a bit above where it was before it all started.
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