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Sean O'Malley defied expectations by knocking out Aljamain Sterling to become the UFC bantamweight champion at UFC 292. Suddenly, the promotion has their biggest potential superstar since Conor McGregor began his meteoric rise to double champion status.

There is no weight to the argument that O'Malley is a bigger star than McGregor right now. It's improbable that he'll eclipse the biggest draw that mixed martial arts has ever seen. But O'Malley is now a legitimate world champion. One with the business savvy and charisma required to do major business in prizefighting. To some degree, you must back up the talk. O'Malley won't shy from doing the work if the money makes sense. He's expressed an interest in fighting at UFC's rumored Las Vegas PPV card in December.

Let's take a look at the most realistic challengers for O'Malley's newly-minted bantamweight title, assessing the risk levels and how likely the UFC is to book the fight.

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Merab Dvalishvili (16-4)

  • Age: 32
  • Last fight: Def. Petr Yan via unanimous decision (March 11, 2023 -- UFC Fight Night)
  • Threat level: High

Dvalishvili is the meritocratic choice to challenge O'Malley. He is undefeated in nine straight fights, has consecutive wins over former world champions and sits high in UFC's official bantamweight rankings. Dvalishvili is a truly relentless grappler who never gives opponents a second to think. He already holds the UFC bantamweight record for most takedowns landed and could feasibly eclipse Georges St-Pierre as the all-time record holder regardless of weight class. It's true that O'Malley stifled Sterling's offensive grappling, but Dvalishvili is an entirely different puzzle to solve. Sterling covers range with long kicks while bouncing in at angles with the ultimate goal of taking his opponent's back. Dvalishvili prioritizes unrelenting, smothering forward pressure. The loyalty between friends Dvalishvili and Sterling prevented a fight between them. Sterling's loss to O'Malley continues to be an issue with Dvalishvili expressing a desire to step aside in favor of Sterling getting a rematch. That mentality upset UFC president Dana White and it could impede Dvalishvili's title dreams.

Aljamain Sterling (23-4)

  • Age: 34
  • Last fight: Lost to O'Malley via TKO, Round 2 (Aug. 19, 2023 -- UFC 292)
  • Threat level: Medium

If Sterling knows one thing it's how to bounce back. The man was stretchered out of Save Mart Center in Fresno after eating a vicious knee from Marlon Moraes. What followed was a record number of bantamweight title defenses and an all-time best bantamweight winning streak. That same mentality to overcome challenges was evident in Sterling's improved performance in a second fight with Petr Yan. O'Malley had all the answers at UFC 292, but Sterling remains a serious threat to the popular new champion. What Sterling has going against him is perception. The UFC never fully backed him as champion, fans were split on him and he was decisively knocked out on a grand stage. It's more than likely that he'll need at least one bounce back win before getting a second crack at O'Malley.

Marlon Vera (21-8-1)

  • Age: 30
  • Last fight: Def. Pedro Munhoz via split decision (Aug. 19, 2023 -- UFC 292)
  • Threat level: Medium

Vera is not the most deserving contender at present, but he might be in the right place at the right time. "Chito" had a rather underwhelming performance against veteran Pedro Munhoz at UFC 292, one that some believed he should have lost. It's a shame because Vera could have punched his ticket to a guaranteed title shot with an impressive showing. He has certainly shown a penchant for highlight reel finishes. O'Malley vs. Vera 2 lends itself well to fight promotion: "Chito" is the only person to defeat O'Malley in 19 professional fights and O'Malley called him out during his post-fight interview in Boston. O'Malley suffered a leg injury in the moments before Vera's win in 2020, but it did feel like Vera was the better fighter at the time. Fast-forward three years and there is a sense that O'Malley has caught up and surpassed his old rival as an overall fighter.

Cory Sandhagen (17-4)

  • Age: 31
  • Last fight: Def. Rob Font via unanimous decision (Aug. 5, 2023 -- UFC Fight Night)
  • Threat level: Medium

Sandhagen has long been labeled as a future world champion by analysts and fans but has repeatedly fallen short when it matters most. Sandhagen looks renewed with three consecutive wins against ranked opponents and a fight against O'Malley could produce some fireworks. Both bantamweights are creative, dynamic strikers that fans have gravitated towards. The fight also benefits from a bit of an existing feud between the parties. UFC boss White also appears to have taken a liking to Sandhagen, which is more than can be said about Dvalishvili and Sterling. The biggest obstacle to booking O'Malley vs. Sandhagen is a fully torn tricep that will sideline Sandhagen for the remainder of the year.

Henry Cejudo (16-3)

  • Age: 36
  • Last fight: Lost to Aljamain Sterling via split decision (May 6, 2023 -- UFC 288)
  • Threat level: Low

Cejudo should absolutely not get the next title shot, but being a former two-division champion and Olympic gold medalist with a fanbase carries weight. Cejudo was granted an immediate title shot against Sterling despite a three-year retirement. He lost the fight but you can do worse than losing to Sterling via split decision after a three-year layoff. It's harder to justify the fight with Cejudo coming off the loss, but it's not the sort of matchmaking that UFC has shied from in the past. Booking two of the division's bigger names against each other, meritocracy be damned, is sometimes in line with the UFC ethos.

Honorable mention: Umar Nurmagomedov is the boogeyman creeping towards the bantamweight elite, but needs one or two marquee wins to justify a title shot.