Exactly.
They went through the elaborate process of eliminating each Selacio down to Mononobe and Akira (nobody else mattered by then anyway), and then the old man went "well that was interesting, thanks for participating", pulled the plug and ended his 120 billion yen game (excluding Juiz development costs).
I'm disappointed at the 2nd movie's conclusion, but I did like the 1st one for what it was. XI looked remarkably cuter when she's not chopping off penises.