The participle is a verb that is used as an adjective, for example, <em>the working woman. </em> It can also be used as a noun, for example, <em>fast running.</em>
In this sentence, the teams are described to be <em>competing. </em> That is the participle. The function of the participle is to provide description and mobility to the subject (teams). It also adds context, for without the participle the action would be void.