Hello. I will try to clarify this. ''covet' is a verb and it means to want to have something very much, to desire something. ''coveted'' is an adjective and it means ''desired''. On the other hand, ''spot'' can mean a particular place. So, in my opinion it would be something like a ''desired place / position''. I hope this helps :)

"Spot" is figurative and means some kind of life situation. Here, it probably means admission to an elite university. It could also mean something like a job, or an award, or a position on a team. "Covet" can mean to want something that many other people want, too. Here, it means competition. 44,000 students applied to Stanford University. Only 2,000 could be admitted. "Covet" can also mean to want something that somebody else has. It can mean a desire to take something that belongs to someone else. "Covet" is not a very nice word. It does not just mean "to want something," it means "to want something in a greedy way." It means "to want something so much that you would do almost anything to get it--even something wrong." So, it is a nice thing to say that some award or position is "coveted," because you are saying everyone wants it. But it is uncomplimentary to say that person X "covets" something. Here's one actual example of use. John O'Hara was an American author: "And then there was O'Hara himself: a combative man; a belligerent, violent drunk; a burner of bridges; his own worst enemy; a man who coveted honors and complained when he didn't get them (and even when he did)."