This is where the terms top dog and underdog originated. The poor guy in the bottom of the pit, who got all the sawdust was the underdog. I think the dog reference is presumably because the saw was dog toothed.Saw pits were often used to cut off and thickness boards from larger pieces of timber before the age of mechanisation. They had to be fairly accurate in their cuts too so as not to expend energy with other tools finishing to the required thickness.
Not a job I would have enjoyed but it was done nonetheless.