It's a possibility considering that he would get a quick path to the title and wouldn't have to go through a row of contenders. If he fights Nate or Jorge which are relatively good style match ups and wins then he's got a fight with Usman. Toughest style match up possible, I don't see him winning that fight. But punches land and Conor has a lethal one so he can land.
Now, what could happen is Masvidal beats Usman and then Conor has himself an easier style match up for the title.
I think he really wants to be the first three division champ.