This word is acceptable for play in the US & UK dictionaries that are being used in the following games:

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n. A person who competes in the semifinals, the heat the winner of which goes on to compete in the finals.

n. one of four competitors remaining in a tournament by elimination

"Crosby was named a semifinalist for the Lou Groza Award - given to the best college place-kicker - on Thursday."

rival    challenger    competitor    contender    competition   

finalist