Blaydes $1.33 over Lewis
Looks like a full bankroll job
Why? Lewis is an annoying fighter to try to beat with grappling, as Jared Rosholt, Gabriel Gonzaga, Roy Nelson, Shamil Abdurakhimov, and Alexey Oleynik all found out. At least three of those guys at the time, Gonzaga, Nelson, and Oleynik had comparably dangerous topgames to Blaydes.
The fight being 5 rounds also works against Blaydes. He has excellent 3 round cardio, but as the Volkov fight showed, he can't keep up his wrestling for all 5 rounds, fading badly in the last two. And as Lewis has shown time and again, he always retains his monstrous power, no matter how tired or late in the contest.
Lewis will have plenty of opportunities to stand with Blaydes and crack his chin unless Blaydes can finish him from the top quickly, which exactly one person, Daniel Cormier, has ever managed to do. (And Lewis is at least a slightly better fighter now than he was then thanks to his weight-loss, better mobility and even ground game/grappling)
If he can't do that, you think Blaydes avoids being knocked out for 10+ minutes and possibly even all 25 minutes well over 75% of the time, as implied by the 1.33 odds? I'm far from convinced.