Green’s Dictionary of Slang

n.t.o. n.

[abbr. not the one]

(US campus) a partner or date who disapoints.

[US]Eble Campus Sl. Fall.
[US]Eble Sl. and Sociability 37: Two kinds of shortening reduce words to letters. The dominant type in college slang is initialism, which names the individual letters: [...] NTO (not the one) ‘date who does not come up to expectations’.