Does Alabama produce 1st round busts? Tl;dr

For all intent and purposes we will look strictly at first round picks under Saban.
2009 NFL Draft (1): Andre Smith-6th overall Cincinatti Bengals
Immature when he was first drafted, looked like a bust, but became a solid starter in 2011. Verdict: NOT A BUST

2010 NFL Draft (2): Rolando McClain-8th overall Oakland Raiders: Was expected to be the field general on defense in OAK, during his first three seasons he had 244 tackles, 6.5 sacks, 1 interception. Average numbers; however due to thugness and immaturity he was released after three seasons. Verdict: BUST
Kareem Jackson-20th overall Houston Texans: Was surprise pick, but had great measurable at the combine. Criticized for his technique by Wade Phillips, Jackson has started nearly every game in his career accumulating 165 tackles and 7 int to date. Verdict: NOT A BUST

2011 NFL Draft (4): Marcel Dareus-3rd overall Bufallo Bills: Dareus has started nearly if not every game in his NFL career. Played the 3-4 DE at Alabama, transitioned to DT at Buffalo, in his first two seasons he's had 82 tackles and 11 sacks. Verdict: NOT A BUST
Julio Jones-6th overall Atlanta Falcons: Atlanta did a lot to get Julio so he better pan out. Turn on ESPN and if they ask who are some the best receivers, Julio's name is always mentioned. In two seasons with the Falcons he has 2157 receiving yards and 18 tds. He was a pro bowler last season. Verdict: NOT A BUST
James Carpenter-25th overall Seattle Seahawks: started 9 games on the OL in his rookie campaign before tearing an ACL. From looking at stats it looked like he started 7 games this past season while dealing with injuries. When healthy he has been a starter. Verdict: Toss up
Mark Ingram-28th overall New Orleans Saints: the runningback that people on TD seem to love to hate. They will say he's a bust. However he has split time with 3 other runningbacks at times and the Saints offense isn't exactly runner friendly. There hasn't been a 1000 yard rusher since 2006 in NO. Ingram led the Saints in rushing yards and rushing TD last season. In his career he has 1076 rushing yards and 10 TDs, about average for a Saints RB. Verdict:Toss up

2012 NFL Draft (4): Trent Richard-3rd overall Cleveland Browns: drafted to a horrible team there were high expectations for Richardson. He battled injuries at the end of the season, but still managed over 1300 all purpose yards and 12 TDs (950 yards rushing). Verdict: NOT A BUST
Mark Barron-7th overall Tampa Bay Buccaneers: If you watched a Bucs game last season, you probably saw Barron laying the wood to someone. He was a starter all year and had 89 tackles and 1 int at safety. Verdict: NOT A BUST
Dre Kirkpatrick-17th overall Cincinatti Bengals: had some learning to do and was placed on the IR in December 2012. Racked up 4 tackles lol. To this point in time Verdict: BUST
Donta Hightower-25th overall New England Patriots: solid contributor in his first season with the Pats making 60 tackles and 4 sacks. Verdict: NOT A BUST

In conclusion, I don't think you can truly say someone is a bust or not until their careers are over. However, you can judge how they've done to this point in time. Out of 11 players drafted in the first round 7 have not been anything remotely close to a bust. 2 you could argue either way and another to this point in their careers have been busts. I've read often on here that Bama players have been busts, so I thought I'd look a little deeper. (Information from NFL.com and wiki)