So far gtacademy just wants to reserve the right to not include current finalists in the future, given that it says "may not be eligible" its just them covering themselves incase they decide on not including some folks, contracts do that so they aren't sued or something. I doubt whether they will deny people in the future.
On another note they may want fresh faces at the finals every year, possibly because they might want to extend the TV program to the finals, who knows, and if they do do that then in TV seeing the same faces every year wouldn't make a good program, would it?