The ending begins once the Tarnished reaches the Elden Ring after the final confrontation. The decisive question is not simply who wins, but which order is allowed to follow the Shattering.
What it means
The base game's endings present different answers to a broken world: restoration, reform, departure from the existing system, or radical transformation. None makes the history disappear; each chooses which part of that history becomes the foundation for what comes next.
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Where this comes from
Every sentence above is built from facts confirmed by at least two independent sources. Sources used: Bandai Namco Entertainment, Wikipedia, PowerPyx, GamesRadar+.