Circular Gaming Present's: This is a walk-through of a quest that I found that looked strangely odd at the mage's guild in winterfold college in the basement areas's of the college itself called the midden you may need to go through some of the quests to access this but I had just come across it naturally so here are the step to steps I done here.
There's a journal and a key near the relic, the latter of which opens a chest in Winterhold College's library (on the ground at a northern wall). Be sure to sneak when taking the four rings inside as it's considered theft. As for using the rings, each one does indeed fit on a finger of the relic, they just need to be in the correct order.
You put each ring on the following fingers:
Index - Katarina
Middle - Treoy
Ring - Balwen
Little - Pithiken
It's not hard to figure out because you can't put the wrong ring on the wrong finger. The only ring each finger will accept is the above combination. The order that you put the rings on the fingers don't matter.
After doing that, the gauntlet hand will close and four floating skulls will appear that converge into a portal. A dremora named Velehk Sain will emerge and talk to you. You can choose to release him or kill him. If you release him, he'll give you a treasure map. If you kill him (he's pretty weak), you'll only find some useless equipment on him (although you CAN get a dremora heart pretty early on this way).
The Skyrim exit nearby puts you in a good position to walk/swim over to where the treasure is hidden.
Here is a link to an image to the location of the treasure
Here is what I found in the stash (it may differ from player to player):
Potion of Healing
Amulet of Talos
Silver Garnet Ring
Coin Purse (33)
Coin Purse (34)
Coin Purse (16)
Imperial Sword of Scorching
Gold Ingot (6)
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