I would argue that there is an arc - the Tommy Riley/love theme is quite evocative, and the triumphant music for the final fight was hinted at during an earlier fight scene.
It's still definitely lesser Goldsmith. The "urban" music sounds like a 70's cop show, and that just wasn't cutting in 1992. I'm guessing that's the main reason for the rejection. It was also the last of Goldsmith's Simmons drum/Yamaha blowout scores (see also Rent-A-Cop, Link).
I wonder what he turned down or ignored to sign on to this? The film is bottom of the barrel stuff. And the score he slapped onto it ain't no great shakes either.
He did admit later that it was a film he shouldn't have done. I suspect he was attracted to it because of its sporting theme. He's had some success in that genre.
From a Q/A Goldsmith did for America Online in the mid 1990s...
Question: Which were your favorite scores to work on? Least favorite?
GoldsmithJ: Recently, my most favorite scores to work on were "Basic Instinct," "Rudy," and "First Knight." My least favorite score to work on was "Gladiator." Fortunately for me, the score was not used.