Question:
If the former, then all the contestants have missed the boat on the second event.

Does it follow that "If not the former, then the contestants missed out on the second event. "?
Answer:
no

Question:
It was really the outlandish name that caught my attention."

Does it follow that ""I've never seen that name before.""?
Answer:
it is not possible to tell

Question:
One solution being proposed, for instance, would take some landing and takeoff slots at major airports away from the industry giants and auction them off to smaller, low-fare airlines.

Does it follow that "One solution was to take slots at airports away from the small airlines."?
Answer:
no

Question:
While consumer activists pump for another technological fix--smart air bags that can adjust their behavior to the stature of front-seat passengers--more and more of us (perhaps influenced in part by mandatory seat-belt laws in 49 states) are squandering those 2.97 precious seconds and buckling up.

Does it follow that "We want improved air bag technology because seat belts are a nuisance."?
Answer:
no