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Not necessarily. Another possibility is a three team round-robin style elimination series, which eliminates one team with the two remaining teams going on to the World Series.
Back when division pennant ties were settled by a best-of-3 series rather than a single game, a 3-way tie would've been resolved by just such a round-robin elimination method. In this case though 2 teams were eliminated with the remaining team winning the pennant.
Had the PCL become a major league, or if the Continental League had ever gotten off the ground, I'm fully confident that such a round-robin elimination series would'be been used to determine the two World Series finalists. The concept of wildcards wasn't really around at that time.
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"We choose to go to the moon in this decade and do the other things not because they are easy, but because they are hard. Because that goal will serve to organize and measure the best of our abilities and skills, because that challenge is one we are willing to accept, one we are unwilling to postpone, and one which we intend to win."
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