A term used to describe a woman that a man settled for.
The man ends up settling for just about any girl willing to be with him out of fear that he might end up dying alone. It means that the man was unable to attain the "gold medal" (the girl of his dreams) and ends up settling for any girl that is willing to be with him.
Jerk #1: Dude, why did you ask that girl out? Man she was uuug-ly!
Jerk #2: Michelle just broke up with me so I figured I'd settle for Lois. She's my Silver Medal.