"wrap it up" can mean to finish something, like a discussion. When used in sports it means they have won something or just put themselves in a position where winning is certain or almost certain (for example, scoring a goal in football to make it 3-0 near the very end of the game). Literally, it can also mean to wrap up something like a present.

To end...For example, if someone says "Let's wrap it up" they mean to finish up what they're doing.