I agree with you on the first part. I was just reacting automatically to your statement about "It's the only time in jai-alai...", but obviously everyone here knows that what you say, "There are many instances when a team trying to stop a game point is going to be involved in a playoff if they lose." is true. So my example is not needed.
But regarding fairness, the following logic - as stated essentially by Bennett - applies equally to all 3 posts:
A - Win 2 in a row and you are guaranteed to place
B - Win 1 in a row and you are guaranteed to show
C - Lose your first point and you are guaranteed not to place, but show may still be possible
For me that is fair enough, especially since one of the key ideas in sports standings is being able to 'control your own destiny'. This playoff qualifies in that regard.