I used to think that was the case until we changed it to a sweet 16 game, now I think just about anyone has a chance if they want it.
You're still in 3rd place despite not even entering in around half of the rounds, I have a feeling even if you don't play another single round you'll still be in the top 16 at the end of this and eligible to go for the grand prize.
However, if you are still interested in playing on any level and if you want to try for the grand prize, I think you may still want to try to enter a few more rounds and get some more XP, cause.. I'm not totally sure how it will play out. We may get a lot more players and things will changte.. But right now.. You are in a really good place right now, and you absolutely have just as much of a chance to win as those in first and second place in my opinion, if you only try even just a little bit and enter a few rounds out of the like 30+ more we'll probably do in the next 4 months or so.