Watch Now: UFC Power Rankings: Demetrious Johnson is No. 1 (0:48)

UFC 221 is set for this Saturday in Perth, Australia, but the next PPV after that is in major peril. UFC 222, set to take place on March 3 in Las Vegas, is going through some major reshuffling.

With a featherweight championship bout between champion Max Holloway and challenger Frankie Edgar announced to headline the event, it was an anticipated card early in the year with the main event alone. With Holloway riding a 12-fight win streak as one of the hottest fighters in the game right now, every time he steps into the Octagon is turning into must-watch television for mixed martial arts fans. Add in that these two were set to battle late in 2017, but an injury to Edgar forced Holloway into a second matchup with Jose Aldo

Everything seemed to be lining up perfectly for the bout taking place this time around -- that was until the injury bug struck this fight once again. This time it was the champion going down and taking the fight off the card after Holloway suffered a leg injury in training

In the days since Holloway's unfortunate injury, the UFC has exhausted as many options as possible to salvage the pay-per-view card. Most notable of these efforts is trying to book a bantamweight championship rematch between champion TJ Dillashaw and former champion Cody Garbrandt. These two went head-to-head at UFC 217 last year, with Dillashaw earning his second bantamweight championship after a TKO win that ended Garbrandt's undefeated MMA run. Once word began to spread about this rematch being a potential replacement on the UFC 222 card, "No Love" was all about getting a crack at regaining the bantamweight title. 

Dillashaw, however, was not as enthusiastic to take the fight on short notice. He's not ducking Garbrandt by any means, though, as he reportedly has his sights set on a bigger prize. For weeks now, rumors have been swirling that we could see a champion vs. champion fight at UFC 226 in July during International Fight Week between bantamweight champion Dillashaw and flyweight champion -- and pound-for-pound best in the world -- Demetrious "Mighty Mouse" Johnson. With that sort of payday ahead, you really can't blame Dillashaw for opting to keep his focus on getting that fight to happen. 

But at the very least, we're getting still getting some pretty entertaining internet banter between the two rivals. 

With that fight off the table, talk then turned UFC 222 possibly being taken off PPV altogether and repackaged as a UFC Fight Night event, according to MMA Fighting. Under this scenario, Edgar would take on the undefeated Brian Ortega in a five-round main event matchup. The two have already agreed to fight one another. 

MMA Fighting also reports that, to get a championship fight on the card, UFC made an effort to book both featherweight women's champion Cris Cyborg and bantamweight champion Amanda Nunes -- not against each other, yet -- but those plans fell apart pretty quickly as they scrambled to save the event.

Lastly, in what would be a worst-case scenario for the promotion, UFC 222 could be scrapped entirely with the fighters being booked on different upcoming dates. Fight fans probably don't want to see this happen -- well, aside from those who believe there are too many UFC events as it is these days. It would be the first UFC PPV canceled since UFC 151 in July 2012.

The fate of the UFC 222 card, which once had an intriguing main event, is definitely in limbo. All we have right now are rumors and speculation, but as March 3 draws closer, we'll get answers for certain sooner rather than later.