Do a player win if he's the only player left alive?

Depends if anyone made it to the inner region or not. If not there is no reason other players can't start a new character. Unless you home rule no new characters.

In the 80's we played through the entire stack of characters. No one was allowed to enter the inner ring, until there were no more characters to draw. It was an all nighter, but we were pretty young, and that was the norm. It was a bloodbath.

danjr said:

Especially with new endings, it can happen to have no character in the inner region after the Crown of Command has been reached => no respawning