No they aren't. If they were for "greatest of all time" characters wouldn't ever need to compete more than once - after one vote, we clearly know which aren't "Greatest of All Time", so there is no point in doing the tournament again any time soon.
They certainly aren't for "Greatest of All Time" because there is no rule that all characters of all time need to be included, and there is already a rule excluding characters from overrepresented shows.
And, of course, the very fact that past victors/finalists are excluded also proves that "Greatest of All Time" is not the point.
Not to mention the fact that it's a popular vote, not a moderated board review. Popular things are not remotely "greatest of all time", as anybody who ever checked any music/literature/tv/vidya ratings will agree.
It's a semi-free-for-all popularity contest with very little quality control. It will always be driven by hype, autism and obsession.
Now, for the record, I wouldn't object against a recency rule. I don't think spinel should have won, I would absolutely support banning fotw.
But you are a retard and you are full of shit, so shut your whore mouth.