Hunted the Chama area several times on private ranches. Never saw any bulls worth what most outfitters and ranches in the area are asking. Very nice area, lots of elk, but nothing of truly trophy quality.
When N.M. bit the bullet (so to speak) and significantly reduced the number of elk licenses in the late 60's, it took about 10 years for the state elk population to rebound and begin producing big bulls. During the 80's Northern NM was about as good as it gets for the average guy to go on a outfitted hunt on private ground. Plus the state had started a voucher system for landowners.
As livestock prices began to decline in the early 80's ranchers found they were often making as much money from sport hunting as beef/wool. The ranchers began lobbying the legislature/wildlife commission for more licenses. And they succeeded.
By the late 80's/early 90's, the age class of bulls began to decline a few years.
The result is you will see a lot of 3-5 year old bulls in the 275-300 range with an occasional 325 bull (at least in the north central/Chama area I've been in). Of course a big bull still shows up sometimes. There are a few ranches that manage for older bulls--and of course they get even more money.
If you're looking for good success on a 6 point bull, it's still a very good area.
Casey