LAS VEGAS — In boxing, it’s hard enough to become an undisputed champion — harder still to beat one in a heavier weight class. On Saturday, Terence Crawford did both.
In the Fight Capital of the World, Allegiant Stadium opened its doors for the first time in combat sports history to 70,000-plus fans. And that landmark audience all saw Crawford out-think and out-box Saul “Canelo” Alvarez over 12 rounds, delivering one of the great upsets of boxing’s modern era.
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Outside of the main event there were other storylines playing out regarding undercard pacing, the Netflix broadcast and the business model itself. On a banner night for the sport, there were as many stumbles as triumphs, and so we’re left with more winners and losers than the Boxrec results page may suggest.
Winner: Terence Crawford
There is no doubt who the biggest winner from the event was — “Bud” Crawford. The former lightweight dared to be great, showed superiority to the established super middleweight No. 1 in key departments, and left the ring with one of the single biggest wins of the modern era.
What makes it even more significant is how he did it. Crawford neutralized Alvarez’s jab, beat him to counters, and left him glaring in frustration. Typically, “Canelo” lands close to half of his power punches, but against Crawford, that figure fell to as low as 32%. “Canelo” has fought as high as 175 pounds, twice. Crawford has boxed as low as 135 pounds.
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Up until recent years, the biggest criticism of Crawford was that his résumé did not match his talent. But now he owns two of the most defining victories of a generation. He dismantled Errol Spence Jr. in 2023, and on Saturday he dethroned the face of boxing. He’s been an undisputed champion in three separate weight classes, a world champion in five, and is no longer under-appreciated. He’s untouchable.
Loser: Dana White
Considering all his talk about the vision he had for boxing — that he wanted to be HBO 2.0, that he hated the dragged-out pacing of traditional shows — Dana White had the perfect stage to show a better way.
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Instead, his debut card moved slower than typical boxing shows. It started at 2:30 p.m. local time and dragged long beyond midnight for anyone watching on the U.S. east coast. This is how you lose viewers. Because if the waiting around didn’t put them to bed, the undercard itself probably did.
Then came the fight week PR gaffe. When boxing reporter Sean Zittel pressed White about TKO’s plans and the Ali Act, the UFC boss stumbled, deflected, and ultimately snapped, calling him an “a**hole” before telling him to “beat it.” This was a bad look for White, especially with the Ali Act firmly in the headlines thanks to bipartisan UBO support. His team should have prepared him better.
Winner: Jon Anik
In the UFC, Jon Anik is already known as the gold standard on the mic because of his meticulous research, flawless pronunciation and encyclopedic recall. Boxing, though, has its traditionalists, and many were skeptical that an “MMA guy” could handle the sport’s biggest nights.
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Anik was so sharp, professional and enthusiastic without overstepping, that he gave purists no reason to complain. It turns out the hardest workers weren’t just in the ring, but in the booth too. Anik earned his seat. He could call any sport and I’d listen.
Neutral: The City of Las Vegas
Crawford vs. Canelo was the first-ever combat sports event at Allegiant Stadium, and visually, it delivered. More than 70,000 fans inside a gleaming NFL venue proved once again that Las Vegas can do it all — whether that’s stadium shows, big arena fights at T-Mobile and MGM Grand, futuristic spectacles at Sphere, or even small-hall scraps at The Cosmopolitan.
The only caveat is that Vegas has gotten expensive.
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Too expensive.
Tourism has been down throughout the year compared to the same months in 2024. And public events earlier in the Crawford vs. Canelo fight week were flat, with energy only really surging at Friday’s public weigh-in. That suggests fans aren’t flying in for five days of fight-week festivities anymore but just for the weekend itself. Vegas remains boxing’s capital, but the rising costs could chip away at its crown.
Christian Mbilli (right) and Lester Martinez lit Allegiant Stadium afire with their undercard bout.
(Ed Mulholland via Getty Images)
Winners: Christian Mbilli and Lester Martinez
On a night where much of the undercard dragged, these two lit the place on fire. Mbilli and Martinez fought with urgency and violence, trading momentum with every round.
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By the end, Allegiant Stadium was on its feet. Three standing ovations later, the judges ruled it a split draw. On a card remembered for Crawford’s historic upset, Mbilli and Martinez ensured their war will live on in highlight reels, too.
Perhaps, even, with a rematch down the line.
Loser: Pay-per-view
Yes, the event had problems. But the Crawford vs. Canelo fight itself delivered — and that could be a death knell for the old pay-per-view model. UFC’s $7.7 billion deal with Paramount shows how valuable live sports are when placed in front of — not behind — a paywall.
Netflix announced Monday that 41 million people tuned in to watch it live. Had the card been paced better, with the main event starting earlier, that number could have been even higher. But still — 41 million eyeballs beats 500,000 buys every day of the week. Pay-per-view may not be dead yet, but on Saturday it looked like it needed a standing eight-count.
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Neutral: Canelo Alvarez
For more than a decade, “Canelo” carried boxing on his back — filling stadiums, driving pay-per-views, and keeping the sport relevant in the post-Mayweather era. But against Crawford, he looked flat. His jab was shut down, his power neutralized and his frustration all too visible.
The man who once bulldozed opponents was reduced to pawing with single shots, unable to find answers. At age 35, and three years removed from his loss to Dmitry Bivol, this latest defeat — to a fighter who started at lightweight — felt like a turning point. Still great, yes. But greatness has limits, and Crawford exposed them. Regardless, “Canelo” is the ultimate pro’s pro. He made no excuses for the defeat when speaking to Uncrowned and other reporters post-fight, and instead lavished praise on Crawford.
What matters now is where he goes from here. There are still paydays to be had, and rumors point to a stadium fight in England against Chris Eubank Jr. as the likeliest move.
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Winner: Marco Verde
One bright spark on the undercard was Marco Verde, the 21-year-old Olympic silver medalist. He showed composure, patience and heavy hands — flooring Sona Akale in the second round with a body shot to right cross combination before finishing him in the fourth.
Verde looked every bit the next Mexican star. On a night where so many bouts underwhelmed, his poise and finishing instinct stood out.
For fans looking to the future, Verde is the name to circle.
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