Creative idea, both in terms of fitting the game jam theme but also I like being the referee instead of the fighter. That perspective change is a fun mixup.
The fighters take awhile to go down since they are tiny in the big stage and space out so far from each other and attack randomly. That also means I can only shadow one of the two fighters at a time, so I kinda just follow the same guy the whole time which is a bit odd perhaps as a ref.
The countdown clock is very quick and not as fun a mechanic as the rest of the gameplay. It isn't forgiving either since you have one chance for each number instead of having a few lives or a time limit to finish the countdown by or something. Or maybe failing the countdown doesn't end the game but doing it well would reward you more audience approval points. First time I got the countdown clock I lost since at first I didn't know what it meant by "count the bell when a fighter is down".
Nice SFX. I do wish there was a sound or visual effect when a fighter is about to go down, or maybe some grace time before the audience approval meter drops. It's a bit much to be dodging a constant string of attacks while having to watch the tiny health bar of the dude you aren't shadowing on the other side of the screen.