De o-ring wordt verwijderd. Echter, de trigger die de permanent terug zou brengen wordt ook verwijderd, dus de permanent blijft in exile.

Voor de volledigheid nog even de betreffende Comp Rules:

800.4a When a player leaves the game, all objects (see rule 109) owned by that player leave the game and any effects which give that player control of any objects or players end. Then, if that player controlled any objects on the stack not represented by cards, those objects cease to exist.
Then, if there are any objects still controlled by that player, those objects are exiled. This is not a state-based action. It happens as soon as the player leaves the game. If the player who left the game had priority at the time he or she left, priority passes to the next player in turn order who's still in the game.

800.4d If an object that would be owned by a player who has left the game would be created in any zone, it isn't created. If a triggered ability that would be controlled by a player who has left the game would be put onto the stack, it isn't put on the stack.