The Plot:
If you have a two particle final state in $pp' \rightarrow kk'$, where and $k$ are 4 momenta, not particle types, one can
look at the invariant mass of the final state:
$$ m_{\gamma\gamma}^2 =(k+k')^2 = (k+k', \vec k + \vec k)^2 $$
That is Lorentz invariant.
So on the $x$axis we have $m_{\gamma\gamma}$ in GeV.
The $y$-axis is not a production cross-section, that information can be derived from the total luminosity on the figure; rather, it is in counts per GeV bin--that's good. It allows us to look at the statistic w/o scaling. So it focuses on validity of detection, not comparison with theory.
In addition to the histogrammed 2 photon events, we have 2 curves:
The background events, $B$. That is, two photon events that are expected from the non-Higgs sector of the SM. This is calculated with a very in-depth model of physics (from proton parton distributions and hadronization simulations developed from decades of data and theory), and a detailed model of the detector apparatus, including decades of data for the material properties and passage of charge particles through matter.
The signal, $S$, which represents Higgs production. I do not know if it is normalized by an expected theoretical coupling--that should be experimentally measured, so I suspect not. Since the Higgs is unstable, its mass is uncertain, and the shape should be a Lorentzian, AKA Cauchy distribution, AKA The Breit-Wigner distribution...but maybe they just used a gaussian to fit it. Idk.
Back to the data. For simplicity, I am just going to describe the binned data in the bin in which the peak occurs:
Let's say its the bin spanning 125.5 - 126.5 GeV, which contains the Higgs peak at 125.8 GeV. Eyeballing:
$$ S + B = 5600 $$
$$ B = 500 $$
Since they are just counts, the statistical uncertainties go as the square root, so:
$$ N_{S + B} = 5600 \pm 75 $$
$$ N_B = 5000 \pm 71 $$
from which we can compute:
$$ N_S = 600 \pm 102 $$
(iirc, aren't the $B$'s correlated--better check that).
Which is already a six sigma signal--in theory, maybe I got the error wrong? I'm on a zoom call rn.
Finally, the BW fit has a centroid, a width and a magnitude, representing the Higgs mass, lifetime and coupling.