After completing The Colosseum you can fight for more prizes afterwards, including the Colosseum Teddy Bears. These bears represent the founders of the Colosseum and getting all 3 will also get you the rarest dye in the game. The three teddies are the Wizard Teddy, the King Teddy, and the Captain Teddy.
The Wizard Teddy is obtained by shooting a real teddy bear off a gargoyle's head. Simply stand in front of the telescope and find the gargoyle that is directly under, or slightly to the left of the moon. The bear is very hard to see, so a suggested method for finding him is buying a rifle and slowly zooming in on the gargoyles' heads, one at a time.
The King Teddy is obtained by lighting up the candles of either side of the entrance door after completing a round. The door will open and reveal the King sitting on a throne. To light the candles just use Inferno on them.
The Captain Teddy is obtained by having exactly 1985 points, at any time, during a Colosseum match. At that time, it will appear on a plinth in the Colosseum, just across from the telescope. It is strongly recommended that you do not hit any flit switches and keep your multiplier at 1. If you need a little help, keep in mind that small hobbes with melee weapons are worth 5 points, small hobbes with guns are worth 7 points, and bandit leaders (the ones with the same model as Thag) are worth 30 points. Try for any score that ends with a 5, and you can use small hobbe warriors and bandit leaders to get up to 1985. Keep in mind that these scores are with a multipler of 1. Having a different multiplier will change the values.
- You can exploit a glitch by collecting the other two teddies, saving and quitting then starting up the character again. Upon reloading, it mentions that you collected the 'Captain Teddy'. Please note: you MUST Save and Quit immediately after obtaining the second Teddy Bear (King Teddy). Doing anything, including stepping into the Colosseum ring, after obtaining the second Teddy Bear will make this exploit impossible and you'll have to obtain the third Teddy Bear the legitimate way.
- A side effect of attempting to exploit the glitch is having no walking animation on your character after reloading. The glitch should be temporary, and it is rare.