I also believe that academics plays an important role in selection for ROTC scholarships. I think not just for the first two boards but for all of them. After all, the ROTC students are students first. ACT/SAT scores don't always represent the total student, that is why colleges/ROTC/SA boards look at the whole candidate assessment. However, these scores are what give the first impression of the student/fair or unfair.
Our situation is a little different than most. Our student received appts to WP and Naval Academy and received 4 yr ROTC scholarships, the first time boarded. However, the #1 choice, did not offer a scholarship, even with a 31 ACT, 4.20 GPA, all AP courses, and three sport varsity letters. Our student is a school high school Heisman, numerous volunteer awards, etc. Received Presidential nom to WP and Principal to Naval Academy.
However, for the #1 school, our student's application did not quite make the cut. This school was only allocated 7 scholarships for more than 250 applicants. All scholarships were offered to students who had between a 32-34 ACT ( the "in" range for this particular school). All scholarships were offered first and second round. Our student got into this university early action, but without a four year scholarship. Was immediately offered 4 yr scholarships to other schools nationally ranked( in the top 20 schools) within a few numbers of the school not offered.
So, the bottom line is that none of us can know exactly what either Cadet Command or Admissions/PMS of particular universities/colleges are looking for. The very best we as parents can do is help our students give the very best representation of themselves and then back off a little and let the process work. And have at least one back up plan in order. Things didn't work out exactly as planned for us and our student, however we know in the end, our student has excellent choices still, and plans to get an top quality education, serve our country and have a lots of great experiences while doing so. What more could we ask for?