You can opt not to participate in the Event, instead choosing to sit on the sidelines and Enjoy the Show for the evening. In this case, you’ll draw either a Ring card to your hand or the top card in the Gear discard pile during phase three.
You’ll still experience the four turn phases even if you Enjoy the Show but, unless something happens that forces you to wrestle a match on your turn, you won’t be entering the squared circle during that phase of your turn.
Defending champions can never choose to Enjoy the Show.