No it isn't. 3rd place means you are, at worst, the 3rd best team in the world. That is the point of the 3rd place game.

 

Besides Wrestling at your level, what other sports play a "true second"? I know that none of:

baseball, basketball, hockey, or soccer play "true seconds".

 

In fact, looking at the Olympic Wrestling brackets, it doesn't appear that they play a "true second" either. The loser of the of the final match is awarded the Silver medal (or 2nd place) and the losers of the semifinals play in bronze-medal bouts.

 

I'd say it is much, much, more common to do it the way they did it than play for a "true second".

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