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No he has the 3rd option of waiting for the UFC to cave in and pay him.I have no issue with him asking what he thinks he's worth, same as UFC has the right to not pay him because they don't think he's worth that much.
At this time, he is obviously not worth that much since UFC isn't willing to pay him that much, so he either fights, or sits on the sidelines. He shouldn't have signed that contract a few months back if he thought he was worth more. Now he either has the two options of fighting, or not fighting. In the end it's up to him.
What many seem to misunderstand about UFC contracts is that they lock up a fighter from fighting elsewhere. The UFC has to offer the fighter X number of fights in X amount of time. If I have a 4 fight contract then it would mean I have to be contractually offered a fight for $X to show / $Y to win every X months over X years. So lets say a 4 fight contract with a fight every 6 months. If I decline an officially offered fight then it adds 6 months on to the time period. These contracts tie up fighters but if a fighter like Conor is worth more then they can hold out for new terms every time they fight (as conor actually does).
The difference is that Masvidal's approach is public and in your face so to speak. He could have gone the DC way and been a company man and sucked on the company teat but this is bringing more focus on the approach the UFC takes with every fighter on the roster. They leverage all the power they can against the fighters individually. The UFC being such well funded entity gives them the power to starve most fighters.