I haven’t worked for Wendy’s since 1982 but the “old” hamburger patties they use for chili are patties that sat on the grill one minute too long, so instead of throwing it out they chop it up and make chili out of it (same day, and sell it within a day or two). Pretty good, actually.
It’s not like they age it for a week or two in the fridge.
Their Frostys are excellent on a hot day too.
You're memory is right on, that's exactly how our crew made the Wendy's chili @ our location in Minnesota, circa 1978-79. It was always good and we sold a lot of it. IIRC, it sold in the same type container as nightcrawlers were packaged @ the bait shop, but with way different graphics:)