I just did a PvP mod where my 2nd dino KO-ed the last dino.
The spikes mod KO-ed my dino.
The last dino is than pictured still standing (despite being KO-ed) and my 3rd dino switches in.
I than see the victory screen.
In case anyone was wondering what happens. (I know when it is your last dino and spikes kills you, you both “lose” the battle.)