You can definitely still get the guy if the other schools pass.
I had this exact same thing happen with this guy:
http://whatifsports.com/hd/PlayerProfile/Ratings.aspx?tid=0&pid=1681381
I got him to consider me early, then Ohio State jumped on him so I quickly started pursuing other guys. Didn't have enough money to land any of them and just assumed I was going to carry over a scholarship...Next thing I knew he signed with me because OSU had backed off of him, presumably because they landed their other targets. As you can see, he ended up working out just fine :)
You can also send a sitemail to the coach of the other team and ask if the player in question is one of their primary targets or a backup. No harm in that.