I've thought all year that Howe has wrestled at a level that probably puts him in the 2-4 range in terms of pound-for-pound Americans. He's just unproven on the international level, so it's hard to say for sure.
It's tough to say he's the second best in the world at 74kg though. Howe has always lost matches in world events. Tsargush the Russian and Goudarzi the Iranian lose to each other or Burroughs and that's it (aside from Tsargush losing a meaningless wrestleback match after Burroughs shocked him for the first time last year). No one else touches those two guys. If you didn't see the Burroughs/Tsargush matches yesterday and last year, it's hard to express how much of a coin flip they are. I don't think Howe, despite wrestling Burroughs so close, is quite at that level. I do believe he's capable of beating anyone in the world and would have been one of our top medal contenders, but I would rate him behind those guys until he has a chance to prove he can beat the world's best. The weakness Burroughs has is that his defense can get lazy, he'll surrender a takedown, and he'll end up losing a period if he can't get a good look at a shot for 2 minutes. Howe is one of several non-world medalists to take him to a 3-period match in the last two years before Burroughs eked it out.