The story is kinda meh, and it's pretty easy to tell that they put it together just to take you through the different areas and have you go up against various of the known warriors. Also, the Konquest mode has Taven(.I dunno, ask someone who knows about these) awaken and given a quest to gather some gifts his parents left for him and use them to defeat aforementioned fire-being, along with replacing all C's at the beginnings of words with K's. Real incentive, huh? Anyway, the last round will be against Blaze. yeah, as far as I understand, that's the idea.
One last tournament will take place, and the winner will end the existence of all things. After many seasons, the realms are now on the brink of Armageddon(I guess spelling wasn't the last victim).