A portmanteau of the terms "brown" (in this case meaning "shit") and "bronze" (the medal normally given for third place in major competitions).
1. (noun) A terrible situation that has reached its apex, its summit, its outlier, but in a more user friendly context. It is primarily used in situations that can be best described as significantly higher than shitty.
2. (adjective, interjection) A feeling of disillusionment after a failure or undesired outcome; can be used as an exclamatory declaration.
3. (noun) A fictional award given to one's self after experiencing failure, heartbreak, or any general emotional setback, akin to receiving the shit end of the stick