Max Holloway vs Charles Oliveira 2 was as good a BMF fight as could get. On paper, at least. Fans and fighters almost unanimously agreed that this was the rightful title contender’s fight as opposed to UFC 324’s Justin Gaethje-Paddy Pimblett bout—and most expected history to repeat in Vegas tonight.

Having defeated ‘Do Bronxs’ back in 2015 via first-round knockout, ‘Blessed’ was the -230 favorite to win, while Oliveira came into the rematch as a +175 underdog, according to DraftKings sportsbook. And when the action stopped in the main event, those odds were proven wrong, as Oliveira secured a dominant unanimous decision victory. Now, with his rematch loss at UFC 326, what does fate hold for the ‘Blessed’ next?

Max Holloway is still very much orbiting the title

Sure, the loss hurts, but it does not hurt enough to take Max Holloway out of the title conversation. If anything, it takes more away from him in the pound-for-pound conversation. To be thoroughly outclassed in the grappling department is not a good look, even if you are the first person to defend the BMF belt. But the rankings are a different story.

Holloway lost to #3-ranked Oliveira, who is just one step above him. Come Tuesday, the rankings might push him down a spot. Best case scenario? No movement in the lightweight rankings at all. If that happens, his next best option becomes a trilogy bout against ‘Do Bronxs,’ or take on #2-ranked Arman Tsarukyan.

If you’re Holloway, this isn’t an easy road to the title. Tsarukyan was one of the few to predict Oliveira outclassing Holloway on the ground and getting the win. And ‘Ahalkalakets’ beat the Brazilian in a razor-close fight back at UFC 300. Holloway might be an easier target. What does Max do then?

He can do what he did before at lightweight. Build himself up by fighting guys ranked below him. And two names stand out from the rest there – Paddy Pimblett and Benoît Saint-Denis.

‘The Baddy’ is coming off a loss to Justin Gaethje at UFC 324. So, matching Holloway with Pimblett would make for an exciting fight for both to bounce back. No. 5-ranked Benoît Saint-Denis, who defeated Dan Hooker in February, has just three losses on his resume and is currently on a four-fight win streak. While the Frenchman gets the opportunity to defeat a former champion, ‘Blessed’ would look to recover from his first-ever loss at 155 lbs since returning to the weight class at UFC 300. 

The Pimblett fight makes the most sense because there’s groundwork laid there already. When the Brit was mouthing off on Dustin Poirier at the UFC 324 presser, saying he “looked like sh-t” against Holloway, Gaethje defended his friend, saying, “You’d look like sh-t against Holloway, too.” Here’s Paddy’s chance to prove him wrong, and Max’s chance to prove him right.

Ultimately, though, the UFC has decided Holloway’s fate. But, Max Holloway may have missed out on the biggest fight of his career after his loss at UFC 326. 

Holloway vs Conor McGregor 2 is now a distant possibility

Speaking on the Smash Cast, former two-division champion Conor McGregor suggested that the main event of UFC 326 could determine his next opponent. The BMF title clash between Max Holloway and Charles Oliveira was a fight that McGregor believed the promotion may use to set up his comeback.

“The vibes I’m getting, and I don’t mind it at all, the BMF contest, which is on this week, a rematch between Holloway and Oliveira… maybe it’s me and that for the next one. So, we will see. It’s all taking shape.”

Holloway and McGregor have unfinished business from their early days at featherweight. A rematch at International Fight Week for the BMF title would have been a dream return for ‘The Notorious.’ But after tonight, that seems unlikely.

With Oliveira choosing to grapple for five rounds tonight, the UFC is unlikely to pair the dynamic Irish striker with him. If Holloway had won, it would have been the perfect striker vs. striker matchup. So, the fight that was supposed to give him a prospective return opponent has likely eliminated both contestants and the BMF belt from the running.

‘The Mac’ also revealed that he has already accepted several potential fights but is still waiting for a contract. His manager, Audie Attar, is scheduled to meet the UFC in Las Vegas to discuss what the Irish star hopes will be a “respectable offer.” 

That being said, Charles Oliveira and Conor McGregor could very well be the next big fight, while Max Holloway goes back to the drawing board. Where do you think the chips will fall? And who do you think Holloway would end up fighting?