This gives you a heads up display during gameplay showing the current status of that round. From here you have a section to the upper left that displays the current teams in this match, how many points they have and a visual bar displaying how many members their team still has in play. To the upper right you can see a ranking display of the top five competitors of that round shown in current rank order. This gives their current accumulated points for the round, their name and team affiliation.
The match time displayed on the side has no impact on your game. As long as you are still conscious it can go for as long as you like. However, if you are knocked out it will keep track of how many seconds have elapsed since the last enemy was defeated. Should this time exceed 20 seconds a 10 second countdown "stalemate timer" will appear. If someone falls during that countdown it will rset and disappear, but if it reaches zero the match will automatically end. This is to prevent a scene glitch trapping the player in an endless match.