Doesn't work that way. The applications had to be done end of November. Bands will be announced in Feb I think. If any bands drop out, one of the like 90% that weren't accepted and ended up on the 'waiting list' will play the slot. We were on that waiting list last year and got in because of a dropout-that's how I know.
There ARE a s&^tload of unofficial playing opportunities in Austin during that week though. If they just came out here they would find somewhere to play. Lots of bands do just that.
Joel