I can't see it. Colby hardly earned his second shot, and he's almost already back to a third? Champs who lost their belts have had to get more wins than Colby to build back up. That's what losing is supposed to do, even if you're great. You fall down the ladder and climb again.
I feel it's practically inarguable that Belal's last 3 fights, and even Khamzat's last 2 fights carried a risk greater than Colby's divisional ranking being what it was against Masvidal. Hell even just their last fights were better.
The contender should be the winningest person, or else, what are we rewarding here? Earn your spot once, then keep it with good losses, low risk wins, and overall stagnation from turning down fights? Khamzat beat the #2 guy. Belal fought two top 5's in a row. They've got to be in title range above Colby who's one fight removed from going 0-2 to Usman