Untrue.
Unless otherwise stated, "contingency upon satisfactory completion..." means able to meet all the standard for you to graduate and move on.
4 years ago I was accepted to med school in my senior year. My senior year GPA for the two semesters were 3.1 and 2.6 (there were some classes where I basically just showed up to take exams. Took a couple C+'s that semester.) Was elected to Phi Beta Kappa after my junior year, but never initiated due to my senior year grades. Still manage to graduate with 3.55 and distinctions in my major, however. And nobody at the school I am at right now ever give me any beef about my senior grades.
They know you have lots of other obligations, have to miss a lot of time for interviews and such, and the bottom line is, it's SENIOR YEAR! Dont sweat it. If you are up to playing, all you have to do is make sure you graduate in good standing, and HAVE FUN! This is the last year you will have such chance, so dont waste it.