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Ngannou's contract with the UFC expired in December 2022 and the UFC released Ngannou in January 2023. Jones had his last UFC fight at LHW in February 2020. Jones had his first HW bout in March 2023 vs. Gane for the vacant UFC belt that Ngannou surrendered when his contract expired. Jones made little effort to get a HW bout for 3 years, but sure moved fast to get his first HW fight inked after Ngannou was out of the picture. I'm not saying that Jones would have lost to Ngannou, but I don't think Jones wanted the risk of being on the receiving end of a Ngannou upper cut which sent Overeem into an alternate universe. Cormier also never stepped up to fight Ngannou. So hats off to Stipe for signing on the dotted line twice to fight Ngannou.
Ngannou vs. Overeem