Is vlr wrong about challengers

So on the na challengers playoffs page it says the top 2 teams make ascension and the rest make “split 3” but nowhere on the schedule do I see a challengers split 3. Does it exist, and if it does, what purpose does it serve?

Liquipedia clears

off season fun

In sp3:

You compete for spots for next year's sp1

Sp3 benefits :

To prevent long off season scenario where there is no point to extend player's contract( no reason to keep player's because of long off season)

Sp3 also fosters player development( more competition more development)

Source :
https://esports-world.jp/column/40516

https://www.vlr.gg/event/2150/challengers-league-2024-north-america-stage-3

It does. Purpose is yet to be known