I have to disagree with you. " The opinion as it stands is rediculous. " If you switch to a transitive verb, it might be easier to see what is modified: The opinion by itself cannot take precedence over existing law.
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AnonymousSentence: "The opinion in its general form was that of the sentience of all vegetable things."
The dispute among colleagues is concerning the word being modified by the prepositional phrase. Some say "opinion" thus making the prepositonal phrase adjectival. Others say "was" thus making the phrase adverbial. I say "was" - adverbial.