What exactly is the difference between Blood Gods and the Blood Games
The Blood Games are a month long tournament where you know your opponent ahead of time each day where you can then research them and modify your strategy if you so choose to increase your chance of winning.

The Blood Gods bracket is the top bracket in the arena where 3 month long seasons take place in a round robin tournament format and gladiators earn BGP for their success and have access to premium gear not available to others. Records are reset each season and new gear introduced periodically. Eventually, Blood Gods achievements will be introduced with some tied to conquests (i.e. only those with achievement X will have access to a dungeon, etc.)

Good luck in the Pit!

-Nate-