Is there a difference between Top Tier and Second Tier graduate programs in Mathematics regarding tenure track?
I don't think you have gone very deep into rankings. Certainly not deep enough to suggest any relationship meaningful for individuals. I've never heard anyone scoff at a PhD from University of Michigan. You are suggesting that the top graduate from some place is invariably less skilled than the worst graduate from some other essentially similar place. That doesn't happen in the real world. 

But if your life goal is to be a tenured professor at one of the top six schools in the US, prepare for disappointment, no matter where you study or how good you are. The problem is that the total number of open positions at such schools in any given year is minuscule and the competition for those few positions is huge. 

But you should also think about the following in choosing a graduate school, if that is why you ask. Many top (and other) schools don't like to hire their own graduates. It certainly isn't that they doubt the quality, of course. But they like to bring in people who may have fresh ideas, not having studied with the current faculty and been exposed for many years with their ideas primarily. This has less effect now than it once did as it is easier to collaborate across distance and even internationally because of the internet and cheaper travel. 

But some schools do permit hiring their own, and many students prefer to stay around a place where they are comfortable, so such places can collect a faculty made up of their own graduates. But, even in these, I'll guess that a lot of those "from here" people went out into the bigger world and made their reputation there before returning "home." 

On the other hand, there are some incredibly fine mathematicians at quite small and out of the rankings places who simply want to live and work in a "home" environment of a different kind. Princeton isn't, actually, the finest place in the US to actually live. Too many cars, too many deer ticks. 

But there is more to life than the quality of the institution you attend or the institution you work for. Lots more.