Congrats to those who made it on a Journal, but if you didn't, you are not alone. By my calculation, approximately 75 people participated in the writing competition but did not make a journal. Another 40 people didn't even participate. Last year's graduating class still had a median salary of 125k, so don't be too worried. You'll save yourselves a TON of extra work, which will hopefully help your grades, and will give you more time to excel in Moot Court and distinguish yourself in other ways. In addition, I know of at least one person (and there are probably more) who intend to transfer. I don't know the protocol for filling journal spots left vacant by a transfer, but it couldn't hurt to email the journals and ask (but this is only likely to yield a few extra spots, if any, so don't get your hopes up).
Also, realize that the journal competition did involve a modicum of luck. If you were unlucky enough to rank the most popular journals highly, then you were in competition with more people than someone who ranked the less popular journals highly. Because the journals seem pretty similar in prestige, the number of people who bid for each one likely turned on little more than the quality of food at thier open house (Banking = Chef Chang's... need I say more?). So you may have been rejected by a "popular" journal while someone who didn't do as well on the writing competition made it onto a less "popular" journal. Besides, with so many people making journals, I'm not sure it distinguishes you all that much to make a journal anyway. Get some good volunteer experience, take a leadership position with a student organization, or do a clinic, and you're likely to fill any "gap" left by a lack of journal experience.
Journal or no journal, does anyone know the protocol for representing moot court for fall recruitment? Many firms say the prefer it, but we have to submit our final resumes before we will even have a chance to participate. How has it been handled in the past? Perhaps we should just make sure to say something in the interview about our intent to participate? I guess it's not THAT big of a deal, as all BUSLers are in the same boat, but might this put us all at a disadvantage to schools where moot court participation is competitive and students are able to put it on thier resumes for fall recruiting?