Think of it as two 32-man brackets to start with. The winner of each rolls off to determine the first and second seed.
When the losers bracket is reduced to two bowlers, those two bowl for the third and fourth seed, though why, I don't know. Maybe they don't, since they'd bowl each other on the show first anyway.
But yes, two from the winner's bracket (one of which lost the last match to be the second seed) and two from the losers bracket who have only lost one match.
I'd like to see it be like the Queen's tournament where the top seed actually has to lose twice, but they don't do it that way.
SH