If there were ever a time for a new org to pop up and be competitive now is it. Bellator has the wrong idea - basically copying the UFC.
I'd scoop up UFC castaways and wait for Bellator to fold. If a org tried to become the anti-UFC they may have limited success. Go after only 155 lb+ fighters, go anti kid/family/feminist friendly and promote it as such. Don't hide swear words, middle fingers, and post-fight brawls, but encourage them. This is cagefighting FFS.
Put it on HBO or something. With proper promotion and financial backing it might work. I'd watch it.