So after calling the admissions office about the "active applicant pool", I have learned the following:
1. Everyone not receiving one of the 42 initial invites gets the email that they are in the active applicant pool.
2. All 42 initial invites go out without further consideration of those put in the active applicant pool after the first two interview weekends.
3. The applicants in the pool will be reevaluated at the end of January and again at the end of February. After the March deadlines for acceptances, the official waitlist will be formed where the applicants are finally ranked.
Things to keep your head up about:
1. Only 42 invitations. Most schools send out 30%-40% more invites than spots after their initial rounds of interviews (at a certain point you interview just to get on the waitlist).
2. It's a new school that has only preliminary accreditation. This may cause some applicants with many choices to avoid making this their top option. I personally think it doesn't really matter, but I do know that this is a factor for some.
Please feel free to correct or comment on any of this if you know any more info!