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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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