Jack sold his soul to the devil and also sacrificed his wife in order to become nr. 1.
He got his wish, and his show became the most viewed one since the moon landing.
The "trippy" bit is Jack in some sort of purgatory, where he realizes what he has done and what forces he was playing with. When he returns to the studio, he is surrounded by dead bodies and the police siren getting closer. It doesn't matter if he killed Lilly and the others ( I believe it was the devil who killed all of them including Lilly). But that's not a very good defense I'm afraid. He will go to prison or a mental institution and his life is ruined.
That's the message of the movie: if you make deals with the dey, your wish might come true, but your life will be destroyed.
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