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The sport of boxing is structured in such a way that it's scalable and resilient. Each promotion being independent of the others. So, if one of them were to go under tomorrow it won't affect the sport as much. Fans can just seamlessly switch over to the other fight promotions' cards likely without even noticing. That's the beauty of decentralization. No single fight promotion holds the majority of the sport's talent nor do they depend on each other. They're isolated.We do not disagree about U Fight Cheap's horrendous pay. It holds back MMA in general as you can't attract talent to a sport where even the best are paid like shit. The UFC cannibalizes its existing market rather than trying to expand it.
But I think a combat sports monopsonies could theoretically be good things, as long as fighters have legal protections with fair contracts, a strong union, and a guaranteed revenue share in line with other sporting monopsonies.
Decentralization is not good for the consumer as it just allows guys to consistently duck the fights fans want to see.
As it stands, obviously the boxing model is the lesser of two evils, because if I am going to watch people give each other CTE, I want them to at least earn good money doing it.
As you noted though, unfortunately it creates network and promotional hurdles (politics) as a side effect. It wasn't always this bad though. Back in the day it was much less of a problem. The best all fought each other, mostly, and did so in a timely manner. It certainly didn't take 5 years to make a high profile fight that fans wanted.