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There was (and always is) unjustified hype around Michael Bisping. Fans, pundits and the UFC like to pretend he's a top-echelon middleweight. Vitor Belfort showed them otherwise.
Bisping has good footwork and technical striking, but he lacks power and has a questionable chin. Those glaring faults cost him a decision loss to Wanderlei Silva (and he was almost KO'd in that fight).
These same faults also cost him his most recent loss to Vitor Belfort and will cause him to lose to any other top-flight competitor.
Bisping will never hold a title in the UFC, don't delude yourself into thinking otherwise.
Belfort did a good job dispatching of Bisping, but his post-fight interview was odd. UFC middleweight champion Anderson Silva was in the audience, practically waiting for the winner of Bisping-Belfort to call him out.
However, Belfort chose to call out UFC light heavyweight champ Jon Jones instead, a man who Belfort just lost to in his last fight, and is already booked to fight Chael Sonnen. It was a strange decision, especially since it's more unlikely that Belfort will get a rematch against Jones, seeing as the fight was so recent. Yes, Anderson Silva beat Belfort, but that was some time ago.