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I think the key is how long will Serra be on the sidelines.
If it is only going to be two months I have no doubt Hughes will wait.
If it is going to longer Hughes would have to take another fight.
I think at that point the only fight that makes sense is GSP vs Hughes.
GSP is/was waiting on Matt vs Matt. If Serra can't fight until April or May I don't see GSP sitting out until August for his title shot.
Both Hughes and GSP lose big time from a loss to a guy like Alves or Fitch. A loss to each other is less damaging.
It is a fight that has to happen, it's easy to hype and market, and it's the least risky for both fighters and the UFC.
If Serra is out longer than 3 months my money is on Hughes vs GSP 3 in February.
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