I think both have very good chances to become champions.
Khamzat fights Costa it's a tough fight in that Costa has strong takedown defense for the first 5-7 minutes before his cardio crashes but Costa really doesn't have much knockout power and I'm hopeful Khamzat growing into a MW will sure up a lot of cardio concerns, I think it'll be tough but he gets it done. I do favor Khamzat to beat Izzy, Rob and Jan were able to get him down, I think Khamzat spells seriously trouble for the Kiwi-Nigerian.
Shavkat if he gets paired vs Belal or Burns, I like his chances to stop the takedowns, push the pace and probably finish them with his striking. His cardio and takedown defense still have asterisks next to them but I think at 28 and being undefeated he will improve and learn a lot from that Neal fight. Whether the Colby or Leon who has the belt, I think Shavkat has a very reasonable chance vs both. Vs Leon, I think at range Shavkat is longer, more dangerous and throws at a high pace and in the clinch where Leon is also great, Shavkat is super dominant both at finding opportunistic takedowns and vicious knees and elbows. In boxing range Shavkat is more comfortable, Leon tends to avoid exchanging there. The pressure, physicality, length and depth to Shavkats game makes it hard for Leon but it's a compelling fight. If Shavkats cardio improves and his takedown defense looks strong vs Burns/Belal, I think he can probably just lay a beating on Colby/Usman at their stages in their careers (35 and 36 tough recent losses and inactive for Colby).
I think they both have strong chances. 40-60% likelihood territory.