He has a puncher's chance like any MMA fighter. Everytime that GSP faces a hard hitter the haters come out of the woodwork saying how he'll get KO'ed. Hendricks isn't a technical striker, he has massive looping punches that breaks people's faces when connecting. I'm not saying his striking is bad, he has deceptively decent footwork which allows him to close distances and also has great timing.
That said, we're talking about GSP here. You can bet his training camp analyzed every footage that Hendricks was ever on and they will dissect the best way to counter his striking. Hendricks is just a younger southpaw version of Dan Henderson. Great Wrestling plus monster left hand. He will NOT outstrike GSP because GSP will never "gamble" to go in for a kill. He'll get peppered by jabs and when he tries to close in from frustration will promptly get taken down.
WTF does college wrestling pedigree matter? Did that help Koscheck? Even if you are the most ardent GSP hater, if you really think Hendricks can stop GSP's takedown then you are deluding yourself. Once Hendriks gets stuffed on the ground, he has yet to show a ground game from his back that allows him to dominate. Because let's be honest here, once the greasy frenchman is on top of you, he'll be there for the rest of the round.
So after 3 rounds of getting dry humped and not being able to land anything, Hendricks will get desperate and will enter full retard mode and just swing for the fences. Which will allow once again for GSP to make man love all over him only this time Hendricks will be completely gassed for having GSP all over him for 3+ rounds.
The issue isn't about Hendricks being able to KO GSP, we all know he could if he catches him (just like any other MMA fighter). It's not about him stuffing GSP's takedown (because we know he won't). It's whether or not he's been eating clean and actually doing some real cardio instead of lifting weights. If he looks like BJ Penn and blows his load in the first 2 rounds, it'll be a long night for him. I'm not kidding myself that GSP will "finish him" but he'll definitely dominate him.
When all this is said and done, the haters will then revert back to how they all hate the "safe style" of GSP and how he's a "boring" fighter blah blah blah.