If he had died on screen I think it may have tarnished the film a little. Even the implication that he dies following the move spoils it a little. Broken down wrestlers don't die in the main event of their big rematch on their highly promoted comeback show. Broken down wrestlers die in hotel rooms high on crack. I think a 'death in the ring' ending would have been a little too sensationalistic, a little too detached from the brilliant reality depicted to that point, and despite hardly being a fairytale ending would still have reeked of a "big Hollywood finale".
As it is open to interpretation, I'd like to think that the Ram indeed dies, as a consequence of his lifestyle and his actions, but not right then and there in the ring, but down the road, in some cheap motel. Heart attack, bish bash bosh, quite write-up by Ryan Clark next to the link *** Click HERE to see THE RAM'S HOT WIDOW, NIPPLE FULLY EXPOSED!!! She's a STRIPPER???! You won't believe your eyes!!! *** and the legacy of Randy 'The Ram' Robinson is quickly applied with an asterix and added to Marc Mero's infamous "List". The end.