If done right this has massive potential. Imagine being able to create a character and have them start as an Ultimate fighter contestant and train them up using specialist coaches (if you wanted more of a BJJ guy then you would choose Penn/Gracie as your coach, if you wanted a wrestler/G'n'P have Hughes coach, if you wanted a stand up banger choose Liddell as your coach etc etc). Obviously you could cross train with guest coaches to boost other attributes etc.
Then take that fighter to the Ultimate Fighter finals and then through a career mode climaxing in a title shot and subsequent defences.
Throw in a little theatrics and some fued story lines (choose how to react to different fighters and who you wanna fued with etc)and this could have the makings of a really good game.....obviously with the graphics and game play to match!!!