Someone in the 2020-2021 thread commented this in early May:
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I have an update from admissions! "All applications will most likely be reviewed and then ranked. That said since our primary data point for ranking is committee score we have been able to go out with some acceptance offers for those candidates at the top of the WL and those candidates who are still receiving an initial review if their score is high enough."
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It seems like people have gotten in without being waitlisted, but that this might've only been the case for people who 1) had an exceptionally high committee score and 2) whose files were not able to be formally voted on by the time waitlist movement started (perhaps due to a later interview date). It also seems like the waitlist is ranked from the start, but rankings just aren't made public until June when the ranked AL is released. That said, not sure what the process will look like this year since they have changed things somewhat and aren't as far behind in reviewing folks. Pure speculation on my part but hope people find this helpful!