In a personal sense, the rankings hold a lot less weight. If you get into anything that is considered top 40, and employers know the program's name, that is all you really need. Plenty of your Professors have went to a wide array of institutions, some 2nd tier and below, and made it to that university because they like what they were learning and were great at it. There is no doubt that landing anywhere with an overall strong program will provide the same cultivation.
In reality, what matters most is being somewhere where you feel comfortable living and experiencing grad life for 4-5 years. In 20 years, you aren't going to reflect on grad school by, "X school was ranked #Y"; you are going to say, "X school was a great experience (or terrible, hopefully not!) where I learned a lot of valuable material, made close friends I still talk to, and took the connections available from the program to get where I am today." Being at a couple different grad schools (granted, for different material) for the past few years has taught me that even if a program is ranked as "the top", it rarely is the best university for a graduate school education. You might have more research opportunities, but they often are not always in your field. Likewise, the top institutions are often less worried about pedagogy as they are research, which often leave unnecessary holes in a lesson. After all, our PhD is most likely going to be based after our dissertation advisor's own work anyway, so why not find ones which actually will make us better learners and researchers?
If Arizona appears to be a very strong school aesthetically, and you believe that it will make you happy for the next 4-5 years (student-wise, location-wise, friendliness of the department, classes and research that interest you, etc), then it is far and away a better choice than a school that gives you less-than-stellar vibes over their program. This is 4-5 years of your life, and there is no reason you shouldn't be happy during it.