I think there were a couple times when Lesnar left his face open and if Carwin would have landed one more punch at the time, they would have ended it. That didn't happen, though, so it was probably a very tough call.
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I just watched the fight- think the ref made the right call in not stopping it. I laughed at Marty Morgan's comment at the break "you're the one who's supposed to be on top punching him" and I can't believe how strong Brock must be to choke Carwin out from that position.