I am not 100% sure on this one, but it is not inconceivable that they would go back to the original pool and invite other students with the Geffen Scholarship. I know of a few current Geffen Scholars in my year who didn't receive the Geffen Scholarship offer until June/early July. One of them had already settled on another school and was about to sign a lease before getting the news. We stole her from UWash!
Soooo... obviously I am not on the committee or anything, but I think evidence shows that they have probably gone back to the pot to offer some new Geffen Scholarships when others declined!