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UFC can only match up the best fighters who are under contract to them. Like the original post said 3 of the top 5 heavyweights are not in the UFC. So it is not possible to fight all the top fighters.
Alot of the MMA orgs have belts too but none of the fighters with belts ever fight eachother. For instance Chuck and Wanderlei should have had their fight when they were both champions. Instead we and they had to wait for Pride to go under so UFC could sign Wanderlei. By that time both guys had lost 2 straight and the fight was not as marketable or as anticipated as it once was.
In boxing there is really 3 real belts the IBF, WBA and WBC. There are guys in multiple divisions that have more then one title or all 3 major belts.
I know...lol
But the belts in boxing are pointless. There should be one path to the championship of each division. That's where the ufc has it over boxing. To be the man, you have to beat the man... in boxing you get to choose which man you think you stand the best chance against within your division. If that weren't enough theres too many divisions.