I am attending Owen in the fall, and while surprised by the drop, I could care less really. In my opinion rankings are only so relevant, and beyond that there is a negative correlation between concern over ranking and self confidence. If you liked a school when it was ranked 34, and now you don't like it at 44, then in my mind you are in it for the wrong reasons.
Owen is a great school, and Vandy has an amazing undergrad reputation, which frankly is a big deal. Believe it or not, only a handful of employers outside of maybe your first job out of school will be able to tell you even what ballpark Vandy is ranked in. Most just assume it is ranked highly due to the great undergrad reputation.
This was confirmed by some family friends who are in the high profile executive search business. I asked them which school I should choose out of Vandy, UNC, and UVA. They all said I pretty much couldn't go wrong and and actually, they all suggested UVA and Vandy over UNC (which is as you know more highly ranked than Vandy).
Pick a school because you will have fun there and companies you are interested in recruit there. Don't pick a school because of some random set of rankings.
Just my opinion