I think it you look back at the history of the playoffs, since the WC was started, and I haven't looked, teams "near .500 who are still "in it" at the end of August are sometimes more in a divisional race than a WC race.
For example, the Pirates are 5.5 back of the Cubs and have a record of 58-63. They are 9 back in the wild card. However, the Royals and Twins are hanging around the .500 mark and are 6 games or less behind the Guardians for the Central Division play off berth but only a game behind the Angels for the last WC berth.