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ya, that would do it. But they will always wiggle if there is wiggle room. Conor fucking McGregor got sanctioned as a 0-0 boxer, to fight Mayweather. If the show must go on, human nature will make it so. If there was a concrete rule - figter has been KOd 7 times - it would make the announcers and the public put pressure on the commissions. (It doesnt have to be seven)
Nevada sanctioning that fight shows another problem that's more detrimental to the fighters' health than the amount of rounds a bout is scheduled. Greed. NSAC, as a now self-funded organization that will be getting a share of the live gate (2% directly), is putting their own bottom line ahead of the safety of a fighter who has no business being allowed to compete in that matchup. They're also putting the boom to the Vegas (and state's) economy that will undoubtably result from this fight over the best interest of a fighter's health.