"Let's not forget about the rest of the competitors, who all gave it their best effort. Now let's wait for the other participants. There is only an hour left on the clock before the round ends."
After the first students had reached the finish line, they would only be given one hour to reach the finish line before ending the round. Whether 100 students made it in time or not was not important. If there are fewer than 100 participants, those who make it past the finish line in time will only advance to the next round.
However, there was no need to worry about the number of participants. Following Ace Academy's departure, other schools took the tokens. Ace Academy had already defeated Ursoloths which was defending the token's location. With that, it was only a matter of them getting there and taking the tokens.