Buddy really won the fight
I know ITS JUST A MOVIE... now then lets look at it. Jerry had help from friends, faculty and family. People were coming at Buddy from all directions and he knocked all comers out instantly but laid off destroying Jerry. Buddy could've finished him at any time and chose not to. Once Jerry hit Buddy with the brass knuckles you can see buddy look at him as if to say "finally I can get beyond this reputation". After falling Buddy immediately gets up and leaves the scene so you know he wasn't knocked out and the fight wouldn't have ended had Buddy not wanted it to. Also when Buddy returns the money he smirks slightly at Jerry. I think Buddy just wanted to be left alone and he saw his chance.
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