The Ending...spoilers

The ending is rather ambiguous and not everything is fully explained which makes some things seem inexplicable. But I like it because it leaves it up to the individual to form their own conclusion and for me everything makes sense. Mikes wife basically set the whole thing in motion back when he needed money to pay for the shot out store window. When Mike failed to get the loan as she had asked she went to her brother Bruno and that was the beginning of the entire conspiracy. She basically needed Mike to fight in the competition so he could win the 50,000 dollars and he would have won whether his match was fixed or not. Certain people were obviously in on it and others not so much. I doubt Chet and his wife knew anything other than the lies Jerry was telling them.

Now at the end the big question is why did Morisaki and The Professor give their belts to Mike after he put Ricardo down? My interpretation is that they are both aware of the corruption (fight fixing) going on and despised what it had done to the sport but each for their own reasons felt powerless to do anything about it. Morisaki couldn't because he was caught up in it and The Professor couldn't because he was old and basically no more than a figurehead. But when they saw what Mike was doing and that he was going to expose the corruption they both immediately and impulsively supported him. Morisaki was a reluctant participant in the schemes and he desired a return to the original and true spirit of the sport while The Professor it seems had been waiting and looking for the right person to pass his legacy on to and in Mike he found a worthy successor. Since Mike did not participate in competitions and did not fight for money he was a man apart, a man of honor, a man with a known good reputation and beyond reproach. Mike Terry was faithful and true to the sport that they loved and was the very best man to steward it into the future. By handing over their belts to him they were showing him respect, honor and approval not only as a champion but as a leader.