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The problem is I think theres a lot of self delusion in the UFC believing that they've been running this highly sustainable near monopoly for years on end. In reality though we still hadn't seen what a long term UFC monopoly would look like as much of the talent base they depend was brought though in the era of multiple orgs. The UFC's business model in the last decade has been one of takeovers and asset stripping NOT one of sustainability for me, now were are few rival orgs left to takeover and less talent in them anyway.
Much of the fanbase has been hopelessly brainwashed by "evolution" talk and successfully linking there ego to the brand meaning they will stedfastly refuse to see the problems coming for the sport in the future as this previous generation finally exits the sport.
I disagree, there are plenty of rival orgs on the rise. MMA isn't dying, it's vehemently growing. It's just the UFC is dying.