Magomed Ankalaev has conquered the light heavyweight division, dethroning one of the UFC's most popular and exciting champions in Alex Pereira. There's no questioning Ankalaev's championship accolades, but is he a tougher sell to the casual fan and possibly emblematic of the growing malaise fans are experiencing with the UFC product?

Who are the most must-see UFC champions right now? And who are the ones fans are least willing to shell out their hard-earned money for?

Join the MMA Fighting rankings panel of Alexander K. Lee, Mike Heck, Jed Meshew, and E. Casey Leydon as we take stock of the UFC through it's first three pay-per-views of 2025, grading how well fans are being served, as well as breaking down Pereira's precipitous fall from the No. 2 spot in the MMA Fighting Pound-for-Pound Rankings.

And then, we give our picks for the most and least compelling active champions. This could get ugly.

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