If this is your dream school, then just a couple of thoughts:
1. A large number of cadets (maybe someone on the forum has current statistics) apply more than once.
2. Even if you do not receive a direct appointment, Prep School invitations are still pending.
3. There are spots reserved for enlisted applicants each year.
I won't go into detail as to each of those -- information is readily available on these forums and the admissions page. My advice is that this setback (assuming you do not get an appointment) is not the end of the road if this is truly your dream and you really want a SA environment and to serve in the USAF.
Having said that, until you get notified that you are not receiving an appointment, then you are still in the hunt. It is still early in the process, and there is juggling of slates that happens every year. If you are considering other options and reapplication is not on your list, then you should certainly make sure you have applications in and meet all of your other deadlines.
If you do decide to reapply, do your best at whatever school you attend (do attend school), keep leadership and outside activities up so you have the best chance at receiving both nomination and appointment next year.
Good luck.