In regards to how the tournament was formatted, the aforementioned explanation was correct. There were two pools of four teams with a round-robin format. The top two teams from each pool then wrestled one another for 1st through 4th places, the bottom two teams from each pool wrestled each other for 5th through 8th place. So, even though Garnett ended up 3-2 and Beloit ended up 2-3, Beloit defeated Garnett in the pool and thus placed higher.
Coach Moore