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Will future AGs and SGs all be Gen X NLSIU alumni? Will Rajya Sabha seats and Union ministries be gifted to them, as was done with Sibal, Jethmalani, Jaitley etc?

I feel these are legitimate questions because Kapil Sibal is 75 and Salve and Singhvi are in their 60s. Sibal will be out of the picture in another few years and then Salve and Singhvi. There will be a huge vacuum by 2035 or so.
The vacuum you mention will be filled by those carrying on the "legacy" of those you mention

Sibal's sons are already very established Seniors, MR has a son, DrAMS has a son - you get the gist

There may be more break-ins like GS from NLS (not sure if he's also someone's son?) but it would be a bit delusional to think that the "legacy" based structures are going to be shaken up substantially in the next 10 years - you simply aren't aware of how things work in Delhi if you think otherwise
Maninder Singh Sid Luthra Tushar Mehta Shyam divan will take their place. Sibals two sons as well.
The way I see it only Gopal Sanks and Sid Dave are in the running. With the former having turned down an offer for ASG, he may not be offered (or want) a law officer job. No other NLS alum in the SC have their stature and without SC presence the rest will just be run of the mill HC seniors.
As far as NUJS alumni are concerned, Ankur Sood, Aditya Reddy, Adit Pujari are doing good in litigation