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 is otained 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 on each side of the door directly across from the portal where you came from. To light them just use the fire spell on them.
The Captain is obtained by hitting exactly 1985 points in a colosseum match. 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. The teddy will spawn just across from the telescope on a plinth.
After getting all teddies you will get an AAA teddy, a strawberry blonde dye, and a bottle of mystical juice.
- 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'. This definetly works if you DON'T start the Colosseum match and avoid the gold ring in the centre, and does NOT work if you do.