After plots are eligible, what is the exact algorithm used to determine winner against everyone else who has plots that have passed eligibility??

I read somewhere that Proof of Space is a simple check of “i have 200TB of plots and you have 50TB of plots so I am elected winner” but it really can’t be that simple can it? Because that would seem super flawed in that pools would ALWAYS win so I must be missing something. Is there some randomness involved ? How is the winner selected if there are like 10,000 eligible plots?

The way I understand it, it’s like everyone has a bunch of bingo cards. If you have 200 bingo cards and I have 50, I could still have a better bingo card and it would result in a new block.

Pretty much, except there could be 0 or more winners to the same challenge. Your bingo card has to be really, really good – better than a threshold – in order to win. It doesn’t matter what bingo cards the other participants are holding.

Every 4608 blocks the bingo caller looks at his watch. If it has been less than 24 hours since the 4608-block cycle began, he increases the threshold for a bingo card to win, and if it has been more than 24 hours, he lowers it. This is the difficulty adjustment.

As more plots come online, there will be more bingo cards and therefore more winners, so the threshold (difficulty level) will generally grow higher over time.

While having more plots certainly gives you an advantage, there are other factors that come into play. There’s a random component involved, so it’s not just a matter of who has the largest plot size.