"Finally, you didn't do anything wrong. What we did wrong was build a College that can only house an incoming class of about 1,400."
This does sound arrogant and as a parent I feel this sounds very insulting to those who were wait listed.
What does University of Chicago try to accomplish?
As early as my son was in eighth grade, he received Chicago's junk mails to let him visit or apply University because of his high ACT/SAT test scores. He was so naive to believe that Chicago was really interested in him. He visited Chicago 3 times and sat in four or five classes. I believe he loves Chicago. His stat and EC are strong (stronger than many accepted students who posted on CC). I know you would say something about fit and blah blah. How can you tell a student will not fit there if you do not even give him/her a chance to demonstrate it?
One more time if you only have 1400 spots, please do not send your junk mails to 40,000 students to fool them.