Well really we already know.......Liu Kang will win because this is the MKII tournament.

Shao Kahn is going to be defeated by Liu Kang and he is going to have to retreat back to his tower that is deeper in Outworld. But the tournament was only a distraction for Shang Tsung's shadow priests were in Earthrealm during this time trying to revive Sindel.
I would expect the Mortal Kombat 3 chapter of Shaolin Monks is playing as Liu Kang and Kung Lao and trying to survive Shao Kahn's invasion on Earthrealm and trying to fight to restore Earthrealm. If this game covers all of Mortal Kombat 3 I will be very pleased.