To be clear, I don't think Lofton should be a full-time RB like Lyle or Fletcher. He's a weapon, and his value is in mismatches.
I just think he should major at RB/FB and minor at TE long-term. He's 6'1 and stocky. His length limits him a bit at TE and he's more unique in the backfield because of his ability to block like a FB, run like a RB and run routes like a WR. There's nobody really like that. For our purposes, he could play more at HBack/TE until we inevitably have injuries.
The problem with the expensive Portal RB is that you're paying a premium to upgrade from Lyle/Fletcher when there are more pressing needs elsewhere. I don't think you keep all three based on all the info I have, so it doesn't fortify your depth.
@Coach Macho knows the dynamics as well and he said the same thing.
And we've been talking about this theoretically, when the reality is there aren't a ton of big-time backs in the Portal. Justice Haynes is the #1 back and he had worse stats than Fletcher. Makhi Hughes is the name we've talked about here, but he has family ties to Oregon and is the #7 back in the Portal. That ranking seems too low to me, but I don't think he's projected as a high-end NFL back or he'd be gone by now.
Budget-wise, I like
@Memnon's idea of adding a blue-chip back that got buried at a big program. We can also add TEs (who are cheaper than top RBs) to reduce the pressure on Lofton to get snaps at TE. And hopefully Brock Schott can be ready to get snaps, as he gets here early and he is a similar prospect to Lofton.