Baylor does admit people through periodic admissions.
All schools follow specific processes in terms of how often they release admissions and how many they admit at each time. This is how I see the process at most schools:
1. Admit early interviewees they must have in the first round. Since this round covers usually 2-3 months of the pool, it feels like a large pool when people claim to be prematched but it is proportional to people already interviewed. Although the early groups are usually high achievers, not all get admitted because they want to see the entire pool before they admit more from early pool;
2. The second, third and may be 4th round before match date they will certain number to admit. They are scoring applicants after their interviews and if they want to admit 20 in round 2, 20 in round 3 and so on, they have to figure out who to admit. They will find only 14 ready to admit from round 2 interviews and they will go find 6 more from round 1, in round 3, they can admit 10 from round 3, 5 from round 2 and 5 more from round 1; and
3. In the match, they lose 20 people to UTSW, Dell and my favorite this year based the popularity - McGovern and find 40 more from all the different rounds to fill all the seats.