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I guess it depends what is more important in terms of product. If it is the production, then it is more about the familiarity of the brand that is important over the talent. I personally like watching talented fighters. Brand familiarity is nice and all but I am an mma fan. I don't mind the idea of seeing who is the best out there.
I don't like the multiple belts in boxing and having talent spread all over different organizations over the years in mma meant we lost out on some potential classics.
I understand that the ufc holds all the cards and it appears that others need them, I also see the argument that if they have all the very best without question then why be protectionist and just prove the dominance essentially eliminating the competition.
From a business perspective, I get it but as a fan I would argue that there could be in the future and has been in the past, some great matches to make.
I agree with you, as an MMA fan I would love the top companies to co-promote - however, honestly, I can't think of a single fight that absolutely must happen via co-promotion.
I think the last time there was a legitimate case for "we simply have to see this fight" was Brock vs Fedor. In hindsight, it's now a jaded, unappealing mess of a bout, but at the time they were the two biggest names in MMA.
Fighters like Christian Lee and AJ McKee just don't have the same appeal; partly because the assumption is they'll eventually end up in the UFC anyway.