Considerably poor - and that’s easily explainable.
PSL 1 started as the oldest among T20 leagues (in terms of average age, even considering an emerging player) with severel over the hill players in it for their past reputation. In 2 years time each of these oldies are 2 more years older into wrong end. Therefore, obviously, even without any change of squad, PSL would have gone down in players’ quality.
Natural progression was to reduce average age of PSL drastically - after 1st year’s inogoration, by now several players (both local & foreign) should have been shown the door gradually and replaced by players in their early to mid 20s.
Players playing 20 years at highest level will always make numbers to justify their spot, but that’s probably not what we are looking for here - Sanga can play for 5 more years and still he’ll look classy, but that’s actually regression of quality because Sanga is declining every year from his past standard (which still might be better that Badar, but by that Badar can’t reach to upper level ever). Same goes for KP, Watson, Mac, Sammy, MoHa, Malik, Sami, Tannu, Sohail, Smith, JP, Wahab, Irfaaaan, Tahir ..... May be, they are still better than most others playing there, but actually in decline from ownself, hence overall quality is going down.
Unless PSL 4 makes a landslide change in each of 6 squads, it’ll come down to higher level club cricket. They are actually using Emerging quota to restrict younger players (it is allowing teams to slot just one young player - why both Saud & Hasan or Irshad & Afridi or Ibtesham & Sameen can’t play in same game?) - next year it should be opposite - 2 players over 35, 2/3 more between 29-35; and 7/6 from U29 group. And, obviously that U29 has to be a subjective call, which considers better judgement than Ifthekhar’s certificate. Otherwise, coming days I can see PSL finding lots of it’s Saad Altafs.