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That was very poor ring work by whomever was supposed to be in charge of stopping all of those guys from flying into the ring like that. Taylor was badly hurt and beaten, and had non medical and fight personnel literally on top of him, and that asshole with the video camera was right on top of him as well, right above him.
That second to last lefthook was the one that ended the fight. You can see Taylor's right leg come off the canvas, the shot was that hard. Taylor was done when Pavlik landed the 1-2 before the right hand Taylor didn't see. Taylor was probably buzzed from the first right hand which is why he never saw the lead right hand that drove him to the corner.