Mission's state win solidified the school's standing as the defacto basketball school in the AAA / San Francisco Section. I think Mission may remain dominant in the AAA for the short term and perhaps even longer term. I think there will be a lot of kids who may want to go to Mission just because of the state win.
If people look back at the history of the AAA, there hasn't been a dominant basketball school for years and years. It just cycles around different schools depending on the talent they have. Balboa has the Jet Offense in the mid to late 1990's. McAteer had the Dante Sawyer era. Even Kenny Walls (who may have been the best recent player out of the AAA) won only one title in 1998. Mission may well be the dominant power for many years to come.
I don't know how Mission is rated academically though. Nothing against the school, but Mission isn't #1 on the list for people when they think of top public high schools in SF. Imagine if LOWELL had won the state title instead of Mission. Lowell already draws the top students academically (and some athletes). If Lowell had won the state title, Lowell could draw players like some of the private schools.
As for other schools coming up in the AAA? At this point, I don't see anything changing drastically. Lowell, Lincoln and Washington are the largest high schools in SF and have no trouble getting students. But they obviously aren't drawing the basketball talent (or football for that matter) that they had in years past. Lowell, Washington and Lincoln's boys varsity teams were not particularly good this year. The only plus is the three schools have solid programs and should have frosh/soph players stepping into the void.
The smaller schools are going to struggle. My alma mater Wallenberg was competitive in the AAA peaking with an AAA title game appearance in 2007 (loss to Mission) and a NorCal appearance. But since then, Wallenberg's cupboard has been bare. They have decent players but not superstars. There is a lot of talent at the SI, SHC, and Riordan that don't make the cut for the varsity teams that could be playing in the AAA. But the parents chose the private schools for "education". Many of these kids who don't play varsity may just play AAU or Asian league teams instead.
Last thought: I could also see some players wanting to come to play for Mission because of the program's success. But because the AAA is currently a bit weak, Mission ALMOST has a guaranteed AAA title and a NorCal appearance. As we all saw, just because you play for a WCAL team doesn't mean you'll get out of the CCS to get to the NorCals. That would be a crappy reason to come to Mission but some people may think that way.