This question is too general. We tend to forget that therr is a bell curve that spreads quality/reputation of colleges into a very wide spectrum. We become obsessed with those colleges in the top 1% (40 or 50 of them out there) even though opening up to say the top 5 or 10% (all schools that make it into Fiske’s book for example) is a much more sensible, wise and reasonable approach.
In almost any prestigious field you chose you will see graduates from say Syracuse working alongside UMaryland, Pitt, Villanova, George Washington, Columbia, Rutgers, Ohio State and UPenn to name a few. It is always a tossup which one ends up in the highest position later in life. Only two of my randomly chosen examples are tippity top school graduates but all commonly gain entry into all sorts of highly regarded places (the most we can aim for really…) and what happens (or doesn’t) to them in the long term has very little to do with their original choice of college.
Graduates from much lesser colleges will also be around but probably in a lower percentage. They may be discriminated against at the door because of real or imaginary reasons (that they are not as prepared) but that is outside the scope of OP’s question I think. If and when a position or opportunity opens up it would be extremely rare that a good candidate that graduated from a recognizable/respected school will be turned down in hopes that someone from a top 20 (or whatever) school shows up later. After the candidate is inside all sorts of dynamics that have absolutely nothing to do with college rankings push and pull people around into status/money/whatever positions.