What does "also-ran" mean?

Yes. It's usually used in the context of someone that was trying to compete for something, but was clearly out of his or her league.

Example: Obama or Clinton will win the Democratic nomination. Mike Gravel was an also-ran.

Edit: I think there's a certain amount of time that needs to pass before the best answer can be chosen. Check back in a few hours or tomorrow and you'll see a blue box that says "pick this as best answer" or something similar.

What Does Also Ran Mean

My thinking says insignificant, or like you said, of little consequence. In horse racing, for example, the horses that didn't finish in the top 3 are called also-rans.

Yes, you are right. It's refers to a political race-the candidate who "also ran" in the election, but didn't do very well. You have the winner and the "also ran"s.

If a show is an also-ran, it is a rerun. Something that has already been seen or done.

Close enough.

Kinda like has-been.