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Jon Jones has solid cardio. We haven't seen much of Jones in the championship rounds (he has only made the judges earn their paychecks once as champion and just three times in his MMA career), but what we've seen of him has been nothing greater than "good."
Chael Sonnen, though, possibly has the best cardio in the sport. As a fighter who gets by on a tough chin, powerful wrestling and lots of ground-and-pound, that is no small feat. His cardio is the biggest factor in a possible Sonnen victory.
Even the biggest fan of The American Gangster would have to take a couple of drinks before calling him a finisher. So far, including his stints with the UFC and his time in the WEC, he has precisely one stoppage win, which came against Brian Stann.
With that in mind, we all know that Sonnen is going to try to wear Jones down early in order to soften him up for the later rounds.
If he is capable of plying his trade against the champion, he has a good chance of dethroning Jones. While Sonnen is unlikely to knock out the champ, he can conceivably win three rounds in the eyes of the judges.
I'm not saying you should rush to bet on Sonnen. Just don't be fully convinced that this is a slam dunk for Jones.