The way I see it, there's 3 basic outcomes here:
1) Basic standard rivalry fight resolution. Hero beats rival, rival becomes friend (or at least ally). I doubt that's where this is going, just because it'd be a fairly dramatic change in both writing quality and character arcs. Bakugou getting beat (AGAIN) by Deku wouldn't suddenly make him realize he was in the wrong, it'd just feed further into his inferiority complex. Thus...
2) Deku wins, Bakugou goes to Endeavor with Deku/All Might's secret. Filled with resentment and insecurity, Bakugou ties himself to somebody remarkably similar to him in the pro scene. What happens next is less certain, he could develop ultimately into Endeavor 2.0 to Deku's All-Might 2.0, he could realize that the path he's on leads nowhere good and course correct.
3) Bakugou wins, but ultimately Deku makes him realize that he's been barking up the wrong tree all along re: might makes right, and he continues to mellow out. I feel like this one is the most likely, but that could just be down to the translation putting words in Bakugou's mouth. There was a bit where he talks about his aspirations being wrong the whole time, which would seem to me to be pointing towards Deku pointing out that yes, that's pretty much exactly right. This would ring rather hollow from a victorious Deku ("you should abandon this obsession with being the strongest, and you should listen to me because I just kicked your ass"), but it might have some impact if he loses the fight. "You want to know why All Might picked me over you even though you're stronger? It's because strength had nothing to do with it."