Really. Serra won the belt and Lutter was winning the fight until in typical Lutter fashion he ran out of gas in the second round. The runner up from the first season also went on to earn title shot. Doesn't seem that absurd to me.
It isn't absurd because they have no chance (although they wouldn't, Serra was the biggest fluke in MMA and Lutter can't even win outside the UFC, he wasn't ever beating Silva). It is absurd because it just isn't fair. There are going to be multiple guys in any division that will have similar or better records against better competition than the guys who win this show.