All right, let's just get it done here.
The battle royale is under way when Yolanda (conveniently and inexplicably) realizes that Deimos holds the power of death and that he's afraid of Telos. She concludes that he organized this battle to create more death and thus more power for him. This revelation gives the super-villains pause, since Deimos probably isn't going to honor his promise of turning over Telos to them if they win. Telos arrives, and they engage in a scuffle. However, Hal Jordan (I think the Parallax version of him) grows bored and destroys Deimos. Telos reveals that Deimos' absorption of the Time Masters' powers meant that he had full control over the past, present, and future (though he didn't yet realize it), meaning that Hal essentially destroyed reality in destroying Deimos. On cue, reality begins to crumble.
It's really hard to tell where we're going here. This entire event is like the "Age of Ultron," where we're so far from the original premise that it's hard to know what story the authors are telling. Where's Brainiac? What's happening in the cities on Telos? What did Deimos want? It seems unlikely that we're going to get answers in the last issue. (Two stars is probably a gift, but after giving this series and its tie-in issues so many one- and zero-star reviews, I'm feeling guilty.)
** (two of five stars)