Its totally bad business for Conor....
He can make money fights without the belt.....so holding the belt and whole division hostage while he doesn't fight the top contenders makes him look like an asshole and a paper champ....
He would be much better off vacating the belt to fight Nate and saying, "I think Nate is a better fighter than Tony and Khabib.....fuck the belt, I'm looking for the toughest fights," and then coming back to fight for the belt if he feels Khabib or Tony are 'good enough'.....
The way he's going about this only makes him look like someone who wants the glory of champion, without actually being a champion.....