<p>Another possibility is that those waitlisted weren’t quite as qualified (according to whatever criteria Reed used–this can be based on features as well as stats) as those accepted. Ultimately a school’s projected yield determines how many are accepted. If too many accept there can be, e.g., a housing shortage. The waitlist is a tool for insuring that just the right number matriculate, and waitlists are often quite deep for class crafting purposes.</p>