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For as great as Jon Jones looked on Saturday in his return to the Octagon after 18 months and major surgery, the race atop the pound-for-pound rankings in the UFC remains a heated one.

Jones, 37, put forth a complete effort in breaking former champion Stipe Miocic down en route to a third-round TKO to extend his UFC record for wins in title fights to 16. The main event of UFC 309 at New York's Madison Square Garden also created a ton of buzz for the promotion regarding a future heavyweight title unification between Jones and interim titleholder Tom Aspinall that CEO Dana White has teased could be the biggest fight in promotional history. 

Whether or not the Aspinall fight even happens comes down to Jones' willingness and whether UFC can meet his asking price considering Jones has done everything in his power over the past week to dismiss Aspinall's credibility and character. 

But even though White can't understand why anyone would vote Jones, the recognized G.O.A.T. in MMA history, as the No. 1 P4P in the game today, the specifics of this title defense do need to be taken under advisement. 

Miocic, 42, retired following the one-sided defeat on Saturday and looked both slow and lethargic at times, even before Jones took him down midway through Round 1 and battered him with three full minutes of elbows to the head. 

As the most accomplished heavyweight in UFC history thanks to two title reigns and four defenses, no one was questioning Miocic's legendary status. Yet, after a three-year layoff at his advanced age and the fact that Miocic hadn't won a fight since 2020, it's hard to consider this victory for Jones on the same level as recent ones from the three men ranked above him in the CBS Sports P4P standings. 

Jones did show he had put his time off to good use as he brought a dynamic kicking game with him to the heavyweight division in his first extended bout at the weight class after a quick and dominant debut against Cyril Gane in 2023 for the vacant title. 

What should be celebrated here is how long Jones has kept himself atop the sport and how much his heavyweight run has done to cement him, as a two-division champion, as the greatest fighter in the sport's history with a virtually undefeated record. But he's also no longer the prime Jones of his 205-pound heyday and more evidence will need to be seen from him at heavyweight against top competition -- like Aspinall -- to find out how good he really is at his current age. 

If White needs to call Jones the P4P king as a way to butter him up in hopes Jones gives in and makes the Aspinall fight, so be it. Or maybe White doesn't truly understand the voting criteria. 

Jones is the best ever and he's still got it at 37 to where he can be a viable champion in a new division. It's just hard to put him above fighters like Islam Makhachev, Ilia Topuria and Alex Pereira, all of whom are much more active and defeated top-end competition. 

Men's pound-for-pound rankings

1. Islam Makhachev -- Lightweight champion

Record: 26-1 | Previous ranking: No. 1

A closer-than-expected victory over Dustin Poirier at UFC 302 in June did nothing to move Makhachev off of the top spot in the rankings. Makhachev held off a late rally and put Poirier to sleep in Round 5. Makhachev's win, which extends his streak to 14 (two shy of Anderson Silva's UFC record), also moves him into a tie for most title defenses (3) in lightweight history. Makhachev is rumored to return in a January rematch against Arman Tsarukyan. 

2. Ilia Topuria -- Featherweight champion

Record: 15-0 | Previous ranking: 4

A changing of the guard atop the 145-pound division at UFC 298 in February might have produced the next breakout star of the sport. Topuria did everything he said he would against Alexander Volkanovski, including finishing him in the first two rounds. So how did the Georgian sensation top that? He became the first fighter to knock down and knock out fellow P4P-ranked Max Holloway in October for his first 145-pound title defense. It's Topuria's time. 

3. Alex Pereira -- Light heavyweight champion

Record: 12-2 | Previous ranking: 3

The 37-year-old Brazilian slugger is unquestionably the most valuable fighter on the UFC roster. After saving the promotion by headlining three major cards on late notice dating back to last November, Pereira returned in October to defend his 205-pound crown against Khalil Rountree Jr. The win set a new UFC record with three title defenses in a span of just 175 days.

4. Jon Jones -- Heavyweight champion

Record: 27-1, 1 NC | Previous ranking: 4

In just his second UFC appearance in nearly five years, Jones successfully shook off an 18-month layoff and recovery from pectoral surgery to dominate former heavyweight champion Stipe Miocic. While the performance was both complete and impressive for Jones, it came against a 42-year-old opponent who looked slow, hadn't fought in three years and hadn't won since 2020. 

5. Dricus du Plessis -- Middleweight champion

Record: 22-2 | Previous ranking: 5

Say what you will about his lumbering and often raw style of forward pressure, the native of South Africa has achieved tremendous results throughout eight unbeaten trips to the Octagon. The defending 185-pound champion added Israel Adesanya to his hit list at UFC 305 in August, which also includes fellow former middleweight kings Sean Strickland and Robert Whittaker. Simply put: DDP is on fire. 

6. Merab Dvalishvili -- Bantamweight champion

Record: 18-4 | Previous ranking: 6

After losing his first two UFC bouts, the native of Georgia has run off an insane 11-fight win streak that culminated in a storybook victory over Sean O'Malley at UFC 306 to claim the title. The cardio king neutralized and outworked the defending bantamweight king on the ground and got the better of him in the striking before being forced to hold off a "Suga Show" rally in Round 5. Per UFC CEO Dana White, up next is unbeaten Umar Nurmagomedov in 2025.

7. Belal Muhammad -- Welterweight champion

Record: 24-4, 1 NC | Previous ranking: 7

With an unbeaten streak that reached 11 fights when he upset Leon Edwards to capture the welterweight title at UFC 304 in July, the time to doubt or undermine Muhammad's world-class skills is no more. At 36, the proud Palestinian-American from Chicago also became the oldest fighter to win a UFC title at 170 pounds or below. His first title defense, set for UFC 310 in December, comes against the incredibly dangerous Shavkat Rakhmanov.

8. Khamzat Chimaev -- Middleweight

Record: 14-0 | Previous ranking: 8

The only thing previously stopping Chimaev from joining this list has been inactivity, largely due to a bad-luck mixture of illness and injury. But a healthy Chimaev is as dangerous as any in the sport, as evidenced by the 30-year-old's first-round destruction of Robert Whittaker at UFC 308 in October, which left the former champion with a broken jaw. If anyone deserves to cut the line in the title picture at 185 pounds, it's the grappling savant from Chechnya. 

9. Alexandre Pantoja -- Flyweight champion

Record: 28-5 | Previous ranking: 9

After relying much more on his iron will than his P4P skills to take the flyweight title from Brandon Moreno last summer, the Brazilian submission expert has stayed busy since with a pair of title defenses against Brandon Royval (in their rematch) and Steve Erceg. Pantoja's passion and dogged determination has become his calling card of late as his title reign continues to grow

10. Leon Edwards -- Welterweight

Record: 21-4, 1 NC | Previous ranking: 10

Fighting in his adopted backyard of England provided few advantages for Edwards against the crisp boxing and relentless pressure of Belal Muhammad as the inspirational 170-pound title reign of "Rocky" came to an end at UFC 304. Edwards blamed the early morning start time for his flat performance despite rallying to cut Muhammad late in Round 5.

Dropped out: Max Holloway
Just missed: Sean O'Malley, Tom Aspinall, Sean Strickland, Umar Nurmagomedov, Magomed Ankalaev

Women's pound-for-pound rankings

1. Valentina Shevchenko -- Flyweight champion

Record: 24-4-1 | Previous ranking: No. 1

The future Hall of Famer cemented her legacy even further by becoming a two-time champion in her trilogy against Alexa Grasso at UFC 306. At 36, Shevchenko defied age and a one-year layoff to pitch a shutout of Grasso over five rounds thanks to her grappling and counterpunching. A lifelong student of martial arts, Shevchenko is only getting better.  

2. Zhang Weili -- Strawweight champion

Record: 25-3 | Previous ranking: No. 2

Zhang improved to 9-0 in the UFC against everyone not named Rose Namajunas when she outlasted Chinese countrywoman Yan Xiaonan at UFC 300 and did so by relying on her cardio, IQ and improved grappling after nearly scoring a pair of early finishes. Her toughest test may still be to come, however, in the form of Tatiana Suarez. 

3. Manon Fiorot -- Flyweight

Record: 12-1 | Previous ranking: 3

A shutout, five-round decision over red-hot Erin Blanchfield looks to be the final hurdle that the 34-year-old native of France will have to clear en route to a title shot. Fiorot's takedown defense and ability to avoid danger on the ground set the perfect stage for her pinpoint striking to shine. Expect Fiorot to get the first shot at Shevchenko in her second title reign at 125 pounds. 

4. Kayla Harrison -- Bantamweight

Record: 18-1 | Previous ranking: 4

Despite an insane weight cut down to 135 pounds that left her hospitalized and urinating blood just weeks before the fight, Harrison appears to have finally secured a shot at a UFC title with her October victory over No. 2-ranked Ketlen Vieira. Harrison was forced to overcome heavy swelling and blood after being cut for the first time in her career. While Harrison will be a heavy betting favorite against champion Julianna Pena, the real question comes down to whether she can continue to make the weight in this division after competing at 155 pounds in the PFL. 

5. Tatiana Suarez -- Strawweight

Record: 10-0 | Previous ranking: 5

Despite losing nearly four years of her prime due to chronic injuries, Suarez is back on the scene in a big way. Her dominant submission of former champion Jessica Andrade last summer was a stark reminder of where she stands within 115-pound title contention. Few can match her grappling prowess alone and even less can equal the relentless competitive streak which fuels her resolve. After a lengthy break, a No. 1 contender's bout against Virna Jandiroba is set for December.

Dropped out: None
Just missed: Alexa Grasso, Erin Blanchfield, Julianna Pena, Yan Xiaonan, Virna Jandiroba