Board Thread:Speculation House/@comment-24994749-20160104053531/@comment-26397825-20160125022325

Most likely she set the fourth years up against each other, her own team, or Penny's team in the team round. She then set any remaining fourth years against each other in the doubles round while she used the stronger teams (such as Em and Merc, Penny, and Yang and Weiss) to knock out the other stronger teams so she could get the finalists she wanted. Then she made sure to have the fights she needed to get this whole thing started at the beginning of the tournament, which means the few fourth years who made it to the finals didn't even get to fight.

It is entirely possible that the three finalists who don't have models (The Three Musketeers, Halo and Aladdin guys) are fourth years.