So, you are basically asking how competition results are computed?
There is no judging for say... nobody decides directly the final rankings... it is all the results of the votes. Blingees matchup two at a time, and basicaly, the one that gets the vote wins points, and the one that doesn't get the vote looses points. Now, how many points a Blingee wins or looses depends on how they were ranking before the vote... (it is like chess or college football rankings... if an image beats #1, #10, and #15... then maybe it deserves to be ranked in the Top 5 the next time around... if it looses against #100, #200, and #250... then maybe it probably doesn't belong in the Top 50)
Also what you see from your profile is your rank to last time it was updated... ranks are updated every few hours depending on how big the competition is. So when you see a rank before the competition has ended... it really means, "two hours ago, the rank for this Blingee was this".
Hope I did not make this more confusing :-D. Good luck in the competitions!