Chandler is a live underdog due to his power* and offensive wrestling on paper, yes. But it's fairly rare that Chandler goes out with the intent of wrestle-fucking someone for a full three to five rounds. He almost always engages in a scrap with them at some point -- typically in the first 1.5 rounds when his explosiveness is at its peak and he's a tremendous knockout threat. After that, yes, he'll tend to go into a "fight management mode" where he will start mixing in TDs, ground control, GnP, and even attacking submissions of his own if they appear. So yes, I could see a world where Chandler comes out and forces Dustin to respect the takedown threat before catching him on the feet and sleeping him. Or after a scrappy first round maybe he mixes in his takedowns and ground control, shutting down Dustin's guard (Chandler's submission defense is elite and he's managed to shut down the likes of Oliveira, Primus, and Hendo) to grind out a Decision win or possibly even finding a finish on the mat. It's certainly not outside the realm of possibility.
That being said... Dustin has vastly superior boxing fundamentals, fast hands, hits more than hard enough to hurt Mike's iffy chin, and actually retains his power down the stretch of a fight. His resume is superior... though admittedly not by the absurdly massive margin that some are making it out to be. Chandler is 1-1 with Alvarez and finished him in their first meeting before dropping a controversial Split in their rematch. Conversely, Dustin actually faced some legitimate adversity (to varying degrees) in both Alvarez fights and benefited extensively from Eddie being an idiot and committing blatant fouls when he had dominant grappling positions over him. Still, credit to him for making it through those fights and finding his spots.
As far as Dustin's defensive grappling goes, that'll be the thing I guess. His TDD across his UFC career is a mediocre 64%. I fully expect Chandler to get him down at some point, but it's a question of whether he can hold him down and keep going to the well with the takedowns. I think if he focuses purely on a good sprawl and scramble he should be able to get it done -- he's shown decent wrestling fundamentals in past fights, just not particularly elite. But so help me if he jumps that stupid fucking guillotine against Chandler of all people...
*Michael Johnson could knock Dustin dead at Lightweight, so can Chandler... if he finds the right punch but that's a big "if".