re: How are the winners of wrasslin’ matches determined?

Merchandise sales for one
Executives and creative give the performer a character. Whether it’s a heel (bad guy) or face (good guy) if audiences respond well then in general that wrestler gets a push

The wrestler’s physical ability, how to draw the audience, etc also play. For some characters the belt is just a prop. Wrestlers like jack the snake Roberts and roddy piper never really needed to win championships due to their ability to pull in an audience and their psychology.

Ref communicates how much time is left in a match and may help call finishes; they wear small ear pieces while listening to a few of the executives in the back. So do tv men, ring announcers, time keeper, doctor etc.

Bleeding is usually done by blading the forehead

Also if the wrestler is really hurt there is an actual sign that gets communicated