Women Atomweight Championship (105)
[#1/#4DD] Jessica Penne (10-1-0, 104.9lb, -526) vs. [#7] Michelle Waterson (10-3-0, 104.7lb, +373)

Last 3 Fights: Jessica Penne (3-0-0)
2012-10-06: W vs. [#6AW] Naho Sugiyama (8-2-0) via Submission (Triangle Choke) in 2:20 of round 2
2012-04-28: W vs. [#4AW] Lisa Ellis (15-8-0) via TKO (Punches) in 2:48 of round 3
2010-11-19: W vs. [#23AW] Amy Davis (3-4-0) via Submission (Rear Naked Choke) in 4:12 of round 1

Last 3 Fights: Michelle Waterson (3-0-0)
2012-10-06: W vs. [#8AW] Lacey Schuckman (8-6-0) via SD (29-28, 28-29, 29-28)
2012-01-21: W vs. [#11AW] Diana Rael (4-3-0) via Submission (Rear Naked Choke) in 2:12 of round 1
2010-04-24: W vs. [NA] Masako Yoshida (16-17-5) via TKO (Punches) in 4:17 of round 1

Days Since Last Pro Fight: Jessica Penne 181, Michelle Waterson 181
Previous Match-up Record: No previous match-ups.
Wins Against Common Opposition: Jessica Penne leads 1-0
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Women Flyweight Championship (125)
[#3/#9DD] Barb Honchak (7-2-0, 124.6lb, -132) vs. [#4] Vanessa Porto (15-5-0, 124.8lb, -102)

Last 3 Fights: Barb Honchak (3-0-0)
2012-10-06: W vs. [#19FLY] Aisling Daly (12-5-0) via UD (30-27, 30-27, 30-27)
2012-07-28: W vs. [#33FLY] Bethany Marshall (4-1-0) via TKO (Punches) in 1:22 of round 2
2011-10-01: W vs. [#25FLY] Roxanne Modafferi (15-10-0) via Submission (Rear Naked Choke) in 1:46 of round 3

Last 3 Fights: Vanessa Porto (2-1-0)
2012-10-06: W vs. [#7FLY] Tara LaRosa (21-3-0) via UD (30-27, 30-27, 30-27)
2012-07-28: L vs. [#10BW] Sarah DAlelio (7-3-0) via Submission (Reverse Triangle Armbar) in 3:16 of round 1
2012-03-10: W vs. [NA] Luana Teixeira (1-3-0) via KO (Punch) in 0:41 of round 1

Days Since Last Pro Fight: Barb Honchak 181, Vanessa Porto 181
Previous Match-up Record: No previous match-ups.
Wins Against Common Opposition: Barb Honchak leads 1-0
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Women Featherweight (145)
[*] Cristiane Justino (10-1-0, 144.8lb, -2585) vs. [#13] Fiona Muxlow (6-2-0, 143.8lb, +1343)
Cristiane Justino is the All-Time #7 ranked Women’s fighter.

Last 3 Fights: Cristiane Justino (2-0-0, 1 NC)
2011-12-17: NC vs. [#10FW] Hiroko Yamanaka (12-3-0) via No Decision Overturned by CSAC in 0:16 of round 1
2010-06-26: W vs. [NA] Jan Finney (8-10-0) via KO (Knee to the Body) in 2:56 of round 2
2010-01-30: W vs. [#1FW/#3DD] Marloes Coenen (21-5-0) via TKO (Punches) in 3:40 of round 3

Last 3 Fights: Fiona Muxlow (2-1-0)
2012-12-31: L vs. [#1FW/#3DD] Marloes Coenen (21-5-0) via Submission (Armbar) in 3:29 of round 1
2012-10-27: W vs. [NA] Leanne Reid (0-1-0) via UD ()
2011-06-25: W vs. [NA] Deney Hayward (0-2-0) via TKO (Punches) in 4:13 of round 3

Days Since Last Pro Fight: Cristiane Justino 475, Fiona Muxlow 95
Previous Match-up Record: No previous match-ups.
Wins Against Common Opposition: Cristiane Justino leads 1-0
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Light Heavyweight (205)
[#11] Gegard Mousasi (33-3-2, -1190) vs. [#33] Ilir Latifi (7-2-0, +664)
Gegard Mousasi is the All-Time #16 ranked Light Heavyweight fighter.

Last 3 Fights: Gegard Mousasi (3-0-0)
2013-01-12: W vs. [*] Mike Kyle (19-9-1) via Submission (Rear Naked Choke) in 4:09 of round 1
2011-12-17: W vs. [#43LHW] Ovince St. Preux (12-5-0) via UD (29-28, 29-28, 29-28)
2011-07-16: W vs. [*] Hiroshi Izumi (4-2-0) via TKO (Punches) in 3:29 of round 1

Last 3 Fights: Ilir Latifi (3-0-0)
2012-10-06: W vs. [#141LHW] Jorge Oliveira (5-3-1) via UD ()
2012-05-26: W vs. [#39LHW] Tony Lopez (32-10-0) via UD ()
2012-03-23: W vs. [NA] Denis Bogdanov (0-4-0) via Submission (Keylock) in ? of round 1

Days Since Last Pro Fight: Gegard Mousasi 84, Ilir Latifi 182
Previous Match-up Record: No previous match-ups.
Wins Against Common Opposition: Gegard Mousasi leads 1-0
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Lightweight (155)
[#44] Ross Pearson (14-6-0, -402) vs. [#53] Ryan Couture (6-1-0, +314)

Last 3 Fights: Ross Pearson (2-1-0)
2012-12-15: W vs. [#123LW] George Sotiropoulos (14-5-0) via TKO (Punches) in 0:41 of round 3
2012-06-22: L vs. [#6FW] Cub Swanson (19-5-0) via TKO (Punches) in 4:14 of round 2
2011-12-30: W vs. [*] Junior Assuncao (13-5-0) via UD (30-27, 29-28, 29-28)

Last 3 Fights: Ryan Couture (3-0-0)
2013-01-12: W vs. [#56LW] K.J. Noons (11-6-0) via SD (29-28, 29-28, 27-30)
2012-07-14: W vs. [#210LW] Joe Duarte (10-3-0) via SD (29-28, 28-29, 29-28)
2012-03-03: W vs. [#212LW] Conor Heun (9-5-0) via TKO (Punches) in 2:52 of round 3

Days Since Last Pro Fight: Ross Pearson 112, Ryan Couture 84
Previous Match-up Record: No previous match-ups.
Wins Against Common Opposition: No common opposition or both are winless against common opposition.
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Heavyweight (265)
[#34] Matt Mitrione (5-2-0, -328) vs. [#75] Philip De Fries (9-2-0, +261)

Last 3 Fights: Matt Mitrione (1-2-0)
2012-12-15: L vs. [#11HW+] Roy Nelson (18-7-0) via TKO (Punches) in 2:58 of round 1
2011-10-29: L vs. [#16HW+] Cheick Kongo (18-7-2) via UD (30-27, 29-27, 29-28)
2011-06-26: W vs. [#157HW+] Christian Morecraft (7-3-0) via KO (Punches) in 4:28 of round 2

Last 3 Fights: Philip De Fries (1-2-0)
2012-12-29: L vs. [#29HW+] Todd Duffee (8-2-0) via TKO (Punches) in 2:04 of round 1
2012-08-04: W vs. [#247HW+] Oli Thompson (10-5-0) via Submission (Rear Naked Choke) in 4:16 of round 2
2012-02-15: L vs. [#22HW+] Stipe Miocic (9-1-0) via KO (Punches) in 0:43 of round 1

Days Since Last Pro Fight: Matt Mitrione 112, Philip De Fries 98
Previous Match-up Record: No previous match-ups.
Wins Against Common Opposition: No common opposition or both are winless against common opposition.
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This is not an attempt to suggest the rating system is more accurate than gambling odds.  Gamblers can analyze each fight individually, while the rating system uses a variety of mathematical routines to supply a primary fighter rating that is focused on ranking recent achievement, with a secondary priority of gauging future expectation.

With that said, there are some caveats to using the rating vs. odds comparison straight-up — the “Gotcha” list:

1. System inability to project the exact effects of a recent divisional change.
2. System inability to project the exact effects of recent inactivity.
3. Poor matchmaking / limited careers / “changing of the guard”.
4. Notable home advantage.
5. System inability to project style differences.
6. System inability to factor in bad judging decisions.

But this stuff (especially #5) is pretty much common sense.  We try to partially factor in #1-#3 when we compute the ratings, but #5 and #6 is something that the human can factor in, that the system can’t.  For the sake of these articles, we’ll attempt to factor in #4 when relevant.  Home advantage can have a slight effect, but likely not enough to sway the “I’d bet on” decision.

Experienced gamblers know that it’s not about being right the most, it’s about making the most money.  So in the usual table, I’ll add the “I’d bet on” column and analyze the rating/odds gap plus points #1-4 that I listed above.I’ll leave #5 and #6 to the fully subjective analyses (except for when Leonard Garcia is involved for #6) — of which I’m sure there will be plenty.

The gotchas aren’t necessarily comprehensive, but I have noted them as I come across them and when they are considered in the decision.

Having said all that, let’s get started:

Now, to the results — given the odds above:

The PASS suggests that the odds and ratings difference are nearly identical and/or there are too many gotchas, so neither fighter is a good bet.

Favorites to consider: Dillashaw, Hendricks and St. Pierre.

Underdogs to consider:

Mulhern over Story – Story is way too large of a favorite, so Mulhern is worth a shot in the dark.
Makdessi over Cruickshank – A tight matchup, in which the rating system favors Makdessi, who also has the home advantage.
Fletcher over Ricci –  A 50/50 matchup, but one that seems way too slanted in favor of Ricci in terms of odds.
Roop over Duran – Roop is a BIG ratings favorite, which usually means the gamblers are on to something.  Tread carefully.