A school will expect substantial improvement from a reapplicant. Meaning they won't give you any real consideration if you just send in the same application without fixing things. So #1 never happens. Based on the number of premeds this past year, I tend to doubt #2 will happen for at least a couple of years.
I agree with the person who suggested you contact schools that rejected you and ask how you might improve things for the upcoming cycle. Then expect that to be the minimum you need to do before reapplying. Bear in mind that some fixes cannot be done in the short interval between now and the next application cycle, so plan on sitting out of the application game a year (or more).