The 28-year-old dominated from the onset and floored Alvarez thrice in the first round only as the American's fight plan unravelled quickly. And with that, he added Alvarez's lightweight title to the featherweight one he already possessed.
McGregor challenges Mayweather again, demands $100 million for bout
Now that McGregor has made history, everyone is asking one simple question; what next for the Notorious? Assuming that his post-fight demands of seeking a stake in UFC ownership doesn't create a standoff, here are five options for his next fight.
1- Khabib Nurmagomedov
Undefeated Russian Khabib Nurmagomedov demonstrated that he deserves a shot at McGregor and his newly acquired title with a dominant win over former contender Michael Johnson on the same UFC 205 card.
Despite getting caught with a few punches in the first round, Nurmagomedov took the fight to the ground where he used his superior game to earn a third round submission.
McGregor knocks out Alvarez to make UFC history
After the win, he called McGregor out, saying: "I understand how crazy powerful the UFC PR machine is. At the start of the year your guy [McGregor] tapped like a chicken [to Nate Diaz], now he has a title shot. It's crazy. I want to fight your chicken! Let's go. Let's go with your chicken."
Pitting an undefeated ground-first fighter against a standup maestro such as McGregor doesn't just sound exciting, it makes a lot of sense stylistically too.
2- Nate Diaz
Even before squaring up to Nate Diaz at UFC 202 in their second fight, McGregor was seeing a step further and already talking openly about a third fight with the Stockton native. Although their follow-up fight was fought at 170lbs, McGregor had insisted that their next would be at 155.
And guess who is the new champion at 155? Both their previous fights were hugely successfully financially and brought in new eyeballs. However, a title was not on the line. It would be if the two fight this time — making it a mouth-watering matchup.
3- Tyron Woodley
So far, McGregor has shown he has no fear. In times when we've seen fighters fake injuries and duck opponents, McGregor has shown the heart to go above his natural weight class. He feuded with welterweight champion Tyron Woodley in the buildup to 205 and even though Woodley warned him not to try his luck in his division, nothing is off the table when McGregor is in the equation.
In case this paper fight does materialise, this would be a Herculean task even for McGregor. However, the challenge itself would also be the entire fun. Just imagine what McGregor's stature in combat sports would sour into if he somehow manages to tame the Chosen One.
4- Jose Aldo
McGregor's 16-second decimation of Jose Aldo have made some forget how great the Brazilian was before the Irishman came along. Aldo went undefeated for a decade in the volatile world of MMA. Sure has stock has fallen but he still is the biggest contender at 145.
It has almost been a year since the featherweight title has not been on the line. If UFC wants to keep the division alive, it has to force McGregor to defend that belt. And as said above, there is no one who deserves a title shot at 145 than its former king, Aldo.
5- Floyd Mayweather
Floyd Mayweather Jr was an even better businessman than he was a boxer. One theory is that the only reason he quit was that there were no more mega money fights left for him.
The rise of McGregor, however, has changed that. The Dublin-born's punching prowess in win over Alvarez has led many to believe that he can stand and trade with Mayweather Jr even in a boxing match.
While no one knows who would triumph in that hypothetical matchup, what we do know for sure is that that fight will sell more than anything we've seen since Mayweather-Pacquiao.
And since both McGregor and Mayweather are shrewd businessmen, they should consider making this happen. It could be a challenge making Dana White sign off on such a match, but knowing how valuable McGregor is these days to the company, they might make an exception.
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