The Biggest Winner From The Canelo Alvarez vs Terence Crawford Fight Wasn't Crawford

The massive Canelo Alvarez vs. Terence Crawford event is now in the past, with 'Bud' leaving Allegiant Stadium as the undisputed super middleweight champion. As lucrative as the night was for Crawford, the outcome was equally as opportunistic for another fighter who did not compete on the card.

For years, David Benavidez has campaigned to fight Canelo Alvarez. And for years, his callouts were ignored. Fans wanted the fight, but Alvarez seemed to have no interest.

Now, in 2025, the fight might be fully on the table, with Alvarez lacking a definitive direction for his next career move.

Alvarez lost his belts on Saturday, but he is still widely considered to be one of the best fighters in the world. Most importantly, he is still a top-five pound-for-pound pay-per-view draw. As the face of Mexican boxing, there is almost no fight his fans would not show out for.

Nobody was a bigger winner on Saturday than Crawford, who made history and defied the odds in a truly dominant performance. But from a business perspective, the result might not have been better for anyone other than Benavidez.

David Benavidez is a big winner from Canelo-Crawford fallout

Many fans did not like how his title reign went, but there is no doubting Alvarez's championship aura. Alvarez has been a titleholder for the last decade, and few fighters feel less equipped to hold a belt than he does.

By losing to Crawford, Alvarez does not have a belt for the first time since 2015. Depending on what happens next, it has been almost as long since he fought in a non-title bout.

At this point, being a champion has become ingrained in his personality. It did not define who he was, but Alvarez without a belt nearly seems like a tiger without its stripes. Whoever Alvarez fights next, it will be a pay-per-view headlining bout, and most likely with another title on the line.

MORE: ‘Proud’ Canelo Alvarez Releases Classy Statement After Terence Crawford Loss

Perhaps Alvarez rematches Crawford, but how lucrative would a rematch be at this point? The first fight was not competitive, and fans were not that enthused with the matchup to begin with. People might watch a rematch out of obligation, but the prestige of the fight has already been used up.

In that sense, if Alvarez is going to fight for a belt in his next outing, it will need to be in another division. He is much more willing to move up than down, having already fought at light heavyweight twice before, including winning the WBO 175-pound belt in 2019.

If he moves up, Benavidez is the obvious answer. Dmitry Bivol is there, but he is already tied up with Artur Beterbiev, making a rematch unlikely. Benavidez and Alvarez have been linked for years, and the fight is one fans believe should have already been made.

Canelo Alvarez vs Dmitry Bivol — IMAGO / Agencia-MexSport

Benavidez has a devout fan base, but he is far from a bona fide pay-per-view star. Wins over Caleb Plant, Demetrius Andrade and David Morrell boosted his stock, but he is still waiting for that one big superfight to put him over the edge. Win or lose, Alvarez would be that fight.

Alvarez was asked about retirement in the ring and completely shrugged off the notion. If he returns to another title fight, it has to be Benavidez. 'The Mexican Monster' has a massive challenge in front of him with Anthony Yarde, but a potentially lucrative opportunity awaits him should he improve to 31-0.

Perhaps Alvarez returns to the William Scull and Edgar Berlanga route, but that does next to nothing for him at this point in his career. Now under Turki Alalshikh, Alvarez seems inclined to go wherever the money takes him, and for now, that road leads to David Benavidez.

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