The Winner Takes It All demo good: Ring, Ring going to get remixed (4,5)
I believe the answer is:
gold medal
'the winner takes it' is the definition.
(medal awarded to the winner)
I can't explain the rest of the clue.
(Other definitions for gold medal that I've seen before include "First prize" , "top award" , "prize for winning" , "Victor may get one" , "Possible alternative to cup" .)