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Maybe all of the above. There were groups below total, especially at Auburn in the seventies (where quota was given after first or second parties, resulting in huge pledge classes for about half the groups and a year of COBing for everyone else). However, I don't think it would have gone over too well for someone to be told that she wouldn't be getting a bid to her mom's sorority, where she'd attended prefs, but that a sorority that she hadn't seen since the first of seven sets of parties wanted to give her a bid.
Looking back over years of recruitments, I can only think of one woman who accepted a bid right off from a third group after attending 2 prefs and not getting a bid from either. The rest either went through formal rush again the next year (some of those went Greek then) or never rushed again.
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