@SeasonFinale: thank you, and your point is well-taken.
I must confess, though, that I read the TES piece perhaps rather differently - that each of the four teams are at different 'schools', each ranked no 1 in their own school, and each with a CAG of A. That gives 4 As in total, as 'bid'.
If "no grade inflation" implies only one A* for the total all-school cohort, then the 'exam board' has to down-grade three in some way. In which case, the outcome as described could be plausible. This is the "Tragedy of the Commons", which could possibly explain FFT Education datalab's findings.
If the 'rules' aren't clear, or if 'some' grade inflation is allowed, then the outcome could of course be different. Unfortunately, my understanding of the rules I have read doesn't allow me to anticipate how any actual "Tragedy" will be resolved in August.
I fully recognise, however, that if all four teams are in the same school, they would be ranked 1 to 4, and the no 1 would indeed get the one A* allowed, as you correctly describe.
And as regards your point about TES... as you may know, I've had a couple of pieces recently: I do hope they are OK - please let me know if you think they are not!