I'm at an institution that does not have a fellowship and am currently applying to SM. I chose my program because it was the one that checked off all of my boxes. Important things to me were getting solid FM training from knowledgeable faculty, adequate support from mentors, and flexibility to get SM experience.
Throughout residency, I covered events here and there but certainly not as many as my peers who are also applying. However, I did tailor my experience to include as many extra curricular sports-related activities as possible (projects, research, lectures, etc).
I've been fortunate enough to receive several interviews, most of which I plan on accepting. What was most helpful for me was having a few people who went through the program and matched in SM to help guide me through. They knew the right people to talk to who could get me involved when possible. At the same time, there has never been pressure to be the main doc for a team since we don't have a fellowship or specific teams we cover.
Is my application the strongest? No. I've received multiple rejections from elite programs, as expected. However, the interviews I've received are from strong programs that I would feel lucky to be a part of.
In the end, I love my residency program and would not have changed my experience for anything - even if I would have been a shoe-in for a fellowhip spot at another place.