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Wiktionary
count out

vb. 1 (context transitive of a person English) To exclude; to dismiss from participation or eligibility. 2 (context transitive English) To enumerate items while organize or transfer them. 3 (context transitive boxing wrestling English) To determine that a competitor has lost a match, by a referee's enumeration aloud of the increments of time for which the competitor has been incapacitated. 4 (context transitive English) To declare adjourned, as a sitting of the House, when it is ascertained that a quorum is not present. 5 (context transitive English) To prevent the accession of (a legitimately elected person) to office, by a fraudulent return or count of the votes.

WordNet
count out

v. declare the loser