I think Piper hit the nail on the head. Wolves are a significant problem, but more so for the elk and moose I believe. If a pack or two of wolves gets established in wintering areas, then the deer will suffer greatly.
I live in G and have a differing view than many. I didn't live here during the heyday, so haven't had to suffer the loss that those who have experienced it have had to. There is no doubt that the size of the herd has decreased. A limit on the tags would no doubt be helpful, though improved winter habitat would go a long ways to help. With what I observe as healthy buck to do ratios, I see the herd decline as subsequent to far worse problems than over hunting, unless it is doe hunts in those areas that are suffering. I realize some of the doe hunts are in response to poor winter habitat that is stretching the survivability of the current herd as it is, though the summer habitat could support substantially more deer.
As a local I would support LE hunting in this area with general tags for youth under age 18 to increase the number of mature bucks breeding the does. Mature bucks will breed the does earlier leading to earlier births and a higher survivability of the fawns through the next winter. Continued general hunting with a four point or better (both sides) limit for adult hunters would also probably help as a lot of the local hunters are not really trophy hunters and won't put the effort into meeting the restrictions. Just an idea I have... I think that better predator control would be helpful as well. The deer that winter here do suffer a high rate of mortality to lions. I can find a number of fresh (of the week) lion kills in any of the canyons all winter in this area and we have a lot of canyons.
All that being said, while numbers are down a bit, I see very good buck to doe ratios and those who want a 160 class buck can find one if he is willing to hunt for it and knows how. There are some very nice bucks in the 180+ range and I've seen bigger, but you will be the odd man out if you get one through sitting on a ridge and glassing. My observation, based on the few that I do get a glimpse off, and based on sign, is that the bruisers are timbering up all the time--not just during the hunting season. They are fewer no doubt then in days of yore and as they have adapted, so will those hunters who continue to kill them.
I am not a great deer hunter and have only committed my self to getting a mature buck the past few years. While I have seen trophy deer every year since then (MY definition of trophy is would probably be a 170+ buck--though I am more interested in character and overall look than inches), seeing is one thing, killing is another. Even with the decline in deer numbers, I am certain of a Boone and Crocket buck in the years to come and am grateful for the opportunity to just hunt them.