This is wrong in sports beyond track & field. I'd extend it being wrong to other individual achievement sports like wrestling, swimming, tennis, etc.
Hypothetically, you have the top tennis player who has been the state champ every year since they were a frosh. Then, you have another tennis player who has lost in the state finals to them every year since this other individual was a soph. Quite the achievement to be the runner-up as a soph and every year since.
With the above tennis example, you can only make one concrete inference, the runner-up was not the best in the country, that is all. Technically, you could have the 2nd best player in the country, who would have an offer to any school they like. Just showing that line of thought is flawed.